Next year, the Ministry of Finance will implement a National Value Added Tax (VAT) “Reward Scheme” to incentivize taxpayers and increase compliance.
The initiative was revealed after Finance Minister Dr. Cassiel Ato Forson met with the staff at the Large Taxpayer Office at the VAT House in Accra, where he reaffirmed his commitment to strengthening their work and removing barriers to revenue mobilization.
Under the new plan, VAT receipts received by tax-compliant residents will be placed into national drawings, providing participants the opportunity to win a variety of appealing prizes.
The project is meant to encourage more Ghanaians to seek receipts, minimizing VAT leakages and increasing overall revenue performance.
A number of tax administration measures, including the VAT Reward Scheme, are planned to start next year.
To improve compliance, transparency, and data correctness, these include implementing a revised VAT system and fiscal electronic devices.
Dr. Ato Forson claims that the combined reforms will promote the government’s larger “agenda of Resetting for Growth, Jobs, and Economic Transformation” by assisting in the “building of a modern, fair, and efficient revenue system.”
Source: newsthemegh.com