\n
Julie Essiam<\/strong><\/p>\n\u00a0<\/p>\n
The Ghana Revenue Authority (GRA) has said the piloting of its electronic Value Added Tax (e-VAT) invoicing system has led to an increase in revenue generation.<\/p>\n
Addressing rumours that the State is losing billions in revenue due to the piloting of the e-VAT, the Authority clarified that the system\u2019s piloting has rather led to a 32 percent increase in revenue.<\/p>\n
Reports of the system\u2019s flop made the rounds on Wednesday, May 8 but a statement issued by the Communications and Public Affairs Department of the authority described the rumours as false.<\/p>\n
The GRA said the pilot phase, which has been completed with 50 taxpayers, has been highly successful and impacted its revenue by GH\u00a2124 million.<\/p>\n
The GRA added that the e-VAT system is currently being piloted and will soon integrate all VAT-registered taxpayers \u201cto enhance revenue collection, combat tax evasion, and help promote transparency in tax administration, as demonstrated by the Pilot Phase.\u201d<\/p>\n
During the Pilot Phase, it said VAT revenue grew by over 58%, representing additional contributions in excess of GH\u00a2384 million. Electronic VAT invoicing efficiency contributed to a revenue impact of GH\u00a2124 million, accounting for 32% of this increase.<\/p>\n
\u201cFor Phase 1, the initial rollout phase is currently ongoing, and is focused on onboarding large taxpayers who account for 80% of VAT contributions.<\/p>\n
The revised timeline for Phase 1 is April 22, 2024, to May 31, 2024. Initial results from Phase 1 onboarding have been highly encouraging, with a 175% progress rate so far, as measured against weekly onboarding targets,\u201d the statement said.<\/p>\n
The GRA said the second phase also targets the onboarding of medium and small taxpayers by the end of December 2024.<\/p>\n
Regrading Phase 3, the final implementation phase targets the integration of all other VAT registered taxpayers into the E-VAT system.<\/p>\n
\u201cThe GRA expressed confidence of the significant positive impact that the E-VAT will have on VAT contributions, and takes this opportunity to assure all stakeholders of its steadfast commitment to the comprehensive and rapid implementation of the E-VAT system,\u201d it said.<\/p>\n
It added that the successful rollout of E-VAT is poised to enhance revenue collection, combat tax evasion, and help promote transparency in tax administration, as demonstrated by the Pilot Phase.<\/p>\n
The GRA thanked all clients for their cooperation and partnership as \u201cwe continue to onboard them onto the E-VAT system\u201d.<\/p>\n
\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
Julie Essiam \u00a0 The Ghana Revenue Authority (GRA) has said the piloting of its electronic Value Added Tax (e-VAT) invoicing system has led to an increase in revenue generation. Addressing rumours that the State is losing billions in revenue due to the piloting of the e-VAT, the Authority clarified that the system\u2019s piloting has rather […]<\/p>\n","protected":false},"author":1,"featured_media":169847,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-180814","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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