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Electronic PoS tax systems kick off in July 2018

Electronic-payment

The Ministry of Finance has set July 2018 as the implementation date for the electronic Point of Sale systems to track tax revenue.

At least this is the information available to Citi Business News.

Citi Business News also understands that the rolling out of the program is however subject to the completion of the necessary laws to accommodate the plan.

Finance Minister, Ken Ofori Atta in his budget presentation on Wednesday, mentioned the introduction of the electronic PoS systems as part of efforts to clamp down on tax evaders.

The system will see the Ghana Revenue Authority (GRA) connect its monitors with all PoS devices at the various issuing centres.

This is to ensure that the issuing companies do not understate the taxes issued to customers.

It is also to ensure tax compliance by the issuing entities.

The eventual implementation of the program is also expected to help government to achieve its ambitious revenue target of 51 billion cedis for next year.

Already, the government in 2017 missed its first half revenue targets.

This led to a downward revision of the revenue targets to from 44 billion cedis to 43 billion cedis.

The electronic PoS systems is but one of the couple of interventions to increase tax compliance in Ghana.

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

Ghana Business News