The Ghana Revenue Authority (GRA) says it ready to flush out fake VAT invoices from the country with the introduction of the Electronic VAT invoicing set to commence tomorrow October 1, 2022.
The new initiative, which is aimed at improving revenue collection will also help government ascertain the true income of businesses.
Speaking to Joy Business, the Commissioner for Domestic Tax at the GRA, Edward Apenteng Gyambrah said the electronic system has been completed to input activities of businesses that collect VAT.
“We are ready to start tomorrow. What the E-invoicing will do is to capture, validate and purely store all data in the country for VAT registered tax payers,” he said.
Mr. Gyambrah explained that the GRA will roll out the initiative in phases to ensure that minor challenges are addressed quickly.
He added that with the support of trained staff, the GRA is hopeful that the exercise will be fruitful and effective.
“We will start with the first phase from tomorrow October 1, with the large tax payers. This will cover the large tax payers until the end of the first quarter of 2023”.
Mr. Gyambrah expressed optimism that businesses will embrace the initiative and support the GRA rake in the needed revenue for the country.
Original Source: myjoyonline