The Ghana Income Authority (GRA) has referred to as on customers to request Worth Added Tax (VAT) invoices for his or her purchases as a way to power companies to correctly account to the federal government.
“If you are going to buy items or providers, you will need to ask for a VAT bill. If you happen to ask for an bill, the individual accumulating the cash will probably be pressured to account for it. If you don’t request, that individual can accumulate the VAT and preserve the cash,” the authority mentioned.
Mr Victor Akogo, Chief Income Officer, GRA Home Tax Income Division (DTRD), defined that VAT is an excise tax levied on items and providers.
That is made up of 15 per cent VAT, 2.5 per cent Nationwide Well being Insurance coverage tax and a pair of.5 per cent GETFund tax.
He mentioned the taxes collected by authorities are used to finance important providers equivalent to faculties, hospitals, roads and safety providers.
Mr Akogo was talking at a tax training program organized by the GRA for the Muslim enterprise neighborhood in Accra yesterday.
It was held underneath the auspices of the Nationwide Chief Imam with the theme “Strengthening Tax Schooling from an Islamic Perspective”.
Mr. Akogo additional mentioned that taxes equivalent to customs duties and worth added tax collections are essential to strengthening home income mobilization and decreasing dependence on exterior monetary assist.
He mentioned companies with an annual turnover of GH¢750,000 or extra could be required to register, cost and account for VAT to the state.
“Even in the event you fail to register and declare VAT, the regulation nonetheless considers your gross sales to incorporate VAT and the GRA will accumulate it,” the officer mentioned.
rental tax
Mr Akogo mentioned landlords incomes rental earnings must pay tax on that earnings, with residential lease topic to an 8% withholding tax, whereas industrial properties could be topic to a 15% withholding tax.
He urged tenants to not be afraid of landlords when complying with withholding tax rules, saying the regulation clearly offers for deductions.
Bearing on tax procedures, Mr Akogo mentioned taxpayers can file returns and make funds on-line by way of the GRA Taxpayer Portal with out visiting a GRA workplace.
He appealed to the Islamic enterprise neighborhood to assist tax training, including that the non secular teachings present in some passages of the Quran and the Bible uphold the precept of giving due authority.
GRA Deputy Director-Common for Communications and Public Relations Florence Asante mentioned that since 2024, GRA has targeted on direct engagement with communities to make sure that sensible tax info reaches the individuals on the grassroots.
He mentioned knowledgeable residents could be extra more likely to fulfill their tax obligations and contribute to the nation’s growth.
Masud Tsare Tsas, a customs officer on the GRA Customs Technical Companies Division, additionally urged companies and people to familiarize themselves with the regulatory our bodies in command of the objects they plan to import or export.
He urged the general public to go to the authority’s public platform www.exterior.unipassghana.com. The platform offers tariff estimates for numerous objects that will help you plan your imports.
convey the motion
Mr. Ankobeahene of Asante Apah, Mr. Nana Yiadom Boakye Kant, appealed to authorities to think about simplifying the tax system to ease stress on companies and customers, and in addition to assessment some port charges.
Maulvi Hafif Ibrahim Sandow, a member of the Ahmadiyya Muslim Mission, supported the decision for the Muslim enterprise neighborhood to pay taxes as a part of their contribution to the nation’s growth.
