VAT cut puts GH¢6.5bn back in shoppers’ pockets as prices fall

The Ghana Revenue Authority (GRA) has announced that the recent Value Added Tax (VAT) cut is putting GH¢6.5 billion back in shoppers’ pockets as prices fall by 1.9%.

According to Commissioner-General Anthony Sarpong, the GRA is monitoring compliance with the new VAT framework at various shopping malls in Accra, including Palace Mall, Melcom, and Orca Décor.

He urged businesses to voluntarily comply with the revised VAT framework and encouraged consumers to demand VAT invoices to support enforcement.

The VAT reforms aim to simplify the tax system, promote equity, and improve administrative efficiency.

The GRA has also provided a user-friendly guide for taxpayers to understand their obligations and entitlements under the revised VAT regime.

The authority is committed to supporting businesses in complying with the new framework.