The Ghana Revenue Authority (GRA) has said business operators with threshold of less than GH¢90,000 in a year would attract a flat VAT rate of 3 percent due to the amendment of the VAT Act 810.
In this regard retailers, wholesalers, service providers and manufacturers that fall within this category would be required to pay
the monthly flat rate to the VAT Service.
Mrs Rebecca Howard, a Senior Revenue Officer of the VAT Service, said this in Takoradi on Thursday at a workshop organised by the GRA
for traders in the Sekondi-Takoradi Metropolis.
She said businesses with threshold above GH¢90, 000 would pay the standard VAT rate of 15 percent and urged business operators to keep
records of every transaction and issue VAT invoices to their clients.
She said a taskforce units from the VAT Service would soon visit shops to monitor whether business operators issue VAT invoices and
those found guilty would pay a penalty of GH¢1000.
Mrs Howard, therefore, reminded businesses that qualify to register with the VAT service so as to avoid being closed down and appealed to those who had already registered with the Service to submit their monthly returns on time to avert sanctions.
She warned that any business entity that gives false or misleading information to the Service in order to evade paying taxes would face the full rigours of the law.