Ghana Revenue Authority shuts 50 businesses over E-VAT Invoicing System.
50 businesses have reportedly been shut down for non-compliance with the E-VAT invoicing system, according to Philip Acquah, Assistant Commissioner of the VAT Administration division of the Ghana Revenue Authority (GRA).
The new electronic VAT invoice that is now being used will enable GRA to link the Commissioner-invoicing General’s system to taxpayers and companies.
This information was disclosed by Mr. Acquah on Wednesday during an interview with Joy FM’s Top Story.
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The E-VAT invoicing system enables the GRA monitor invoices issued to taxpayers instantly or near real price so that the Commissioner-General knows every single transaction.
However, a few traders have rejected the new approach. They contend that the total taxes are killing off their companies. As a result, they have shut down their businesses in opposition to the taxation.
“We have not targeted any number of shops to close. In fact, it is not in GRA’s interest to close shops. We are working with a number of taxpayers and those taxpayers have been earmarked for the first phase of the invoicing implementation. Now those taxpayers that refuse to be on board the system are the taxpayers that we have taken the necessary sanction against,” he explained.
He claims that once the companies consent to joining the VAT system, they would be permitted to operate.
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He added that a number of businesses “have started engaging us and we have started the process of opening some of the shops.”
The deployment of the VAT invoice system, according to Mr. Acquah, is anticipated to be finished by April 2024.
According to Mr. Acquah, closing down businesses is not in the best interest of GRA, but appropriate measures must be taken against tax defaulters.
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Ghana Revenue Authority shuts 50 businesses
