5 Major Developments in Ghana

5 Major Developments in Ghana

• Ghana reaches $3B IMF deal to battle economic crisis

• GRA captures 5 more quarries for VAT infractions

• Zero VAT on locally assembled vehicles a game-changer

• Increment in VAT is inappropriate at this time – Ghana Chamber of Commerce CEO

• PwC has urged the government to reform the VAT system

---

Digital Services Tax

• Tax Measures of 2022 Mid-Year Review Including Several VAT Amendments Regarding Digital Services and E-Invoice Requirements

E-Invoicing

• 2023 budget: Increase VAT rate, change registration threshold, VAT exemption reforms and rollout electronic VAT invoicing

• E-VAT system to check tax compliance, improve business processes

• Ghana begins the first phase of new e-invoicing system

• Attacks and obstruction of GRA – implementation of electronic invoicing system (E-VAT)

• GRA locks up China, Palace malls for non-compliance of e-invoicing system for VAT

• Ghana e-VAT electronic invoicing launched

• Ghana Revenue Authority Launches First Phase Of E-Invoice System For Businesses

• Introduction of electronic VAT invoicing/real time reporting in Ghana

• Electronic VAT invoicing takes off – 600 Firms covered under 1st phase

E-Commerce/Electronic Services

• VAT on foreign digital services – update

• Broadening the scope of VAT on e-commerce

Exemption

• Completely Scrap Vat On Sale of Mobile Phones, Accessories – MPADA

• Ghana: Tax measures in 2023 budget

• 2023 budget: Increase VAT rate, change registration threshold, VAT exemption reforms and rollout electronic VAT invoicing

Fraud/Tax Evasion

• GRA captures 5 more quarries for VAT infractions

• Adum traders shut down shops in protest of ‘killer VAT’ on businesses

• GRA scores lowest at 17% in VAT compliance

• 5-year jail term awaits defiance against VAT

Implementation/Reform

• PwC has urged the government to reform the VAT system

Importation

• Ghana requires unregistered importers to pay VAT up front

• Ghana issues 2022 Mid-year Budget Review Statement

Invoice

• Ghana enacts various amendments to tax laws introduced in 2022 Mid-year Budget Review Statement

• GRA encourages businesses to issue VAT invoices after enterprises default

Legislative Change

• Ghana Revenue Authority Launches First Phase Of E-Invoice System For Businesses

Liability (Reverse Charge/Withholding)

• Ghana issues 2022 Mid-year Budget Review Statement

Rate

• Ghana reaches $3B IMF deal to battle economic crisis

• Completely Scrap Vat On Sale of Mobile Phones, Accessories – MPADA

• Ghana Announces Tax Hikes In 2023 Budget

• What moral right do you have to increase VAT? – Minority quizzes Akufo-Addo

• Zero VAT on locally assembled vehicles a game-changer

• Increment in VAT is inappropriate at this time – Ghana Chamber of Commerce CEO

• Tax highlights of Ghana’s 2023 Budget Statement and Economic Policy provided

• Ghana Budget 2023 Includes Additional Top individual income tax Rate, Increased VAT Rate, and Other Measures

• Ghana: Tax measures in 2023 budget
• 2023 budget: Increase VAT rate, change registration threshold, VAT exemption reforms and rollout electronic VAT invoicing

• Ghana raises VAT 2.5% to 15% 2023

• We won’t accept 2.5% VAT hike – Minority

• 2023 Budget: Finance Minister announces VAT rate to be increased by 2.5%

• VAT likely to go up

Real Time Reporting/Continuous Transaction Controls

• E-VAT system to check tax compliance, improve business processes

• GRA locks up China, Palace malls for non-compliance of e-invoicing system for VAT
• Introduction of electronic VAT invoicing/real time reporting in Ghana

Registration

• Ghana: Tax measures in 2023 budget
• 2023 budget: Increase VAT rate, change registration threshold, VAT exemption reforms and rollout electronic VAT invoicing

Reporting/Compliance

• VAT on foreign digital services – update

• Some firms refuse to use electronic VAT system over fears of being exposed

• Ghana issues 2022 Mid-year Budget Review Statement

Place of Supply

• Ghana enacts various amendments to tax laws introduced in 2022 Mid-year Budget Review Statement

Tax Authorities/Penalties

• Ghana Budget 2023 Includes Additional Top individual income tax Rate, Increased VAT Rate, and Other Measures
• GRA scores lowest at 17% in VAT compliance
• GRA encourages businesses to issue VAT invoices after enterprises default