The Ghana Revenue Authority (GRA) has announced to the general public especially importers, that with the passage of the VAT (Amendment) Act, 2022 (Act 1082), all importers who qualify to register for VAT and have failed to do so will from today Tuesday, June 6, 2023, be charged an additional 12.5% on the Customs value of taxable goods they import.

The GRA said the upfront payment is charged at importation on taxable goods imported in commercial quantities with a value of GHS 200,000 and above.

“Kindly note that the Upfront payment is NOT A NEW TAX,” the authority said.

It added “It is a compliance tool to encourage persons required to register for VAT to register and file tax returns in order to bring parity in the administration of VAT.”

Importers who make the upfront payment may be allowed to recover the amount when they register and file their VAT returns as stated in Act 1082, the statement further indicated.

“We, therefore, entreat all importers who qualify to register for VAT to make arrangements to register at the nearest Taxpayer Service Centre (TSC) to avoid the upfront payment,” the GRA stressed.

Source:3news.com