GRA bags GH₵508M
-From pilot phase of E-VAT and invoicing
By Elvis DARKO, Accra
The Ghana Revenue Authority (GRA) has revealed that the pilot phase of the Electronic Value Added Tax (E-VAT) and Electronic VAT Invoicing has yielded significant results, generating an additional revenue of GH₵508 million.
According to the GRA, the implementation of E-VAT contributed to an additional revenue of over GH₵384 million, marking a remarkable 58% growth in revenue.
Additionally, the efficiency brought about by Electronic VAT Invoicing accounted for a revenue impact of GH₵124 million, representing 32% of the overall increase.
Addressing concerns raised in media reports suggesting a halt in the implementation of E-VAT, the GRA clarified in a statement that such claims are unfounded.
The revenue collector emphasized that the rollout of the E-VAT system is progressing steadily, with a successful pilot phase completed involving 50 taxpayers.
The phased approach adopted for the E-VAT rollout aims to minimize disruptions to taxpayers’ operations.
Currently, the initial rollout phase, ongoing until May 31, 2024, focuses on onboarding large taxpayers responsible for 80% of VAT contributions.
The GRA reported a promising 175% progress rate in Phase 1, surpassing weekly onboarding targets.
Subsequent phases include onboarding medium and small taxpayers by December 2024 and integrating all other VAT registered taxpayers into the E-VAT system in the final implementation phase.
The GRA expressed confidence in the positive impact of E-VAT on revenue collection, tax compliance, and transparency in tax administration, as evidenced by the successful pilot phase.
The authority reiterated its commitment to comprehensive and rapid implementation of the E-VAT system, emphasizing its potential to combat tax evasion and enhance revenue generation.
Acknowledging the cooperation and partnership of stakeholders, the GRA thanked clients for their support as the authority continues to onboard them onto the E-VAT system, underscoring the collective effort toward improving tax administration and revenue mobilization in Ghana.
