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GRA says from October it will reject companies’ expenses without VAT invoice

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The Ghana Revenue Authority (GRA) says it will dismiss any consumption caused by any organization in Ghana without a Value Added Tax (VAT) receipt beginning from October

This, as per the Authority, shapes part of moves to, in addition to other things, guarantee that all expense income spillages are fixed.

Throughout the long term, the Ghana Revenue Authority has needed to tussle with and ultimately indict a few business substances over their inability to give charge solicitations to customers.

While talking at the dispatch of the RACE drive, the Commissioner-General of the GRA, Rev. Ammishaddai Owusu-Amoah, said his outfit would presently don’t endure the present circumstance.

We are zeroing in on information warehousing, information coordinating, and man-made brainpower to have the option to ensure that there’s consistence. Defaulters who in the past had the option to evade, later on we are certain that we’ll have the option to discover them. In this way, authorization activities are vital for us to guarantee that we agree.”

“Indeed, from October 1, we have come out with a drive that says that on the off chance that you present any consumption when you’re being examined, and you don’t have a VAT receipt to help that specific use, it doesn’t exist all things considered. So it implies that every individual who does their use in accordance with the VAT guidelines should guarantee that whatever he/she reports in his books conform to the VAT guidelines.”

The Value Added Tax (VAT) receipt is a report given by any responsible individual to set out the subtleties of an available monetary movement as recommended by the VAT law.

The 2018 Mid-Year spending plan altered the VAT rate from 15% to 12.5% and delinked the National Health Insurance Levy (NHIL) and Ghana Education Trust Fund (GETFund) from VAT by eliminating their feedback charge deductibility.

An individual who gives a bogus duty receipt or deals receipt; utilizes a bogus citizen distinguishing proof number or neglects to give an expense receipt or deals receipt, is notwithstanding a fine, obligated to a term of detainment and a punishment of not more than GHS500.00 or multiple times the measure of assessment included.