A deputy Minister of Finance Abena Osei-Asare has said the introduction of electronic VAT invoicing in Ghana will enhance tax compliance.
The electronic VAT invoicing initiative which was introduced in the 2023 Budget is expected to be completed in 2024.
Speaking at the launch of the maiden National Public Financial Management Forum in Accra, Osei-Asare called on organisers of the forum to prioritise domestic revenue mobilisation.
“One key initiative by the government in the 2023 Budget was the introduction of the electronic VAT invoicing to cover all VAT registered businesses.”
The Ghana Revenue Authority (GRA) has since been working on it and this project should be done by 2024, this initiative together with the VAT monitoring exercise that GRA is currently conducting around the country will ensure that tax, especially VAT compliance is improved.
Listen to Abena Osei-Asare in the attached audio clip below:
On her part, the president of Institute of Chartered Accountants (ICAG) Ghana, Sena Dake said Public Financial Management is critical to attracting and boosting investor confidence.
“Ghana has been a very peaceful country, and there have been quite a number of investments in the public sector, and the financial management is the core of all the finances.”
“Because when resources are well managed, and stewardship is assured and accountability and transparency is assured, then the confidence of our investors and the public is very high, because of that engaging in discussions that will enhance financial management is very important,” she said.
About NPFM Forum
The maiden Public Financial Management (PFM) Forum which is expected to come off in November this year is being organised by the Institute of Chartered Accountant (ICAG) Ghana in partnership with the Ministry of Finance and PwC Ghana,
The forum will create a platform for stakeholders to support the government’s effort at strengthening public financial management in Ghana.
Reporting by Fred Dzakpata in Accra
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