Managing compliance obligations to reduce risk of tax penalties upon audit

VAT is a consumption tax on goods and services in Ghana, except for exempt supplies.
Those who meet the registration threshold must register for VAT with the GRA. Common issues from tax audits include not charging VAT on taxable supplies and failure to remit VAT by the due date, which may result in penalties and additional taxes.
The due date for payment is not dependent on when the customer pays, and failure to file VAT returns on time may result in penalties.