The Ghana Revenue Authority (GRA) has reported a significant increase in revenue following the successful pilot of its Electronic Value Added Tax (e-VAT) system. According to the GRA, the pilot phase, which concluded recently, led to a remarkable 58% boost in VAT revenue, equivalent to an additional GH¢384 million.
During the pilot phase, the electronic VAT invoicing efficiency contributed GH¢124 million, accounting for 32% of the overall revenue increase. The GRA emphasized its commitment to rapid implementation to maximize the benefits of the e-VAT system, aiming to enhance revenue collection, combat tax evasion, and promote transparency in tax administration.
The e-VAT system, implemented in a phased approach, prioritizes minimal disruption to taxpayers’ processes. Phase one, which commenced on April 22 and targets large taxpayers responsible for 80% of VAT contributions, has shown significant progress, exceeding weekly onboarding targets by 175%.
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The GRA plans to complete phase two by December, onboarding medium and small taxpayers, followed by phase three, which will integrate all other VAT registered taxpayers into the e-VAT system. Encouraged by the success of the pilot phase, the GRA expressed confidence in the system’s positive impact on VAT contributions.
The authority thanked taxpayers for their cooperation during the pilot phase and encouraged continued support for the implementation of the e-VAT system. With the successful rollout of the e-VAT system, the GRA aims to strengthen revenue collection efforts and ensure greater transparency and efficiency in tax administration, ultimately contributing to Ghana’s economic development.
Stay tuned for further updates on the GRA’s efforts to enhance revenue collection and promote fiscal accountability through innovative digital solutions.