This includes changed taxation, real estate VAT, and non-life insurance VAT.
Modified Taxation Scheme (MTS) - A Simplified Approach for the Informal Sector
MTS introduces a flexible scaffolding targeting micro, medium and medium-sized businesses across the country. This is in accordance with the Income Tax Act of 2015 (Act 896).
Anthony Kwasi Sarpong, current president of GRA, recently revealed at a media company that the system is a simplified way to calculate personal income taxes for certified dealers and entrepreneurs, rather than additional taxes. As GRA, we are a tax reversal, allowing the country to mobilize more revenue, as the president announced and repeated by the Finance Minister, and as many donor partners have closed the door to Ghana, allowing important budget allocations to be handled. You need to look at existing income negotiations and implement them in the latter. We believe that when we can do them, we can seal off the many income gaps that are closed to us. These can be guaranteed not to overload Ghanaians, but to support the economy in reset.
Key highlights of the scheme:
Approval: Ghanaian residents leaving only business activities in the country. Tax Category:
o Main taxes based on installments (PTI): Fixed quarterly payments (up to GH¢45) for businesses with annual sales of less than GH -20,000.
o Tax Claims Based on Sale (PTT): Flat 3% interest rate for companies earning from 20,000 to GH -500,000 a year.
o Change Cash Base (MCB): For businesses with a GHS of over 20,000, the allowable deduction will change the interest rate in stages.
Several payment options, including mobile money, USSD code (*222#), bank deposits, etc.
Simplified registration via GRA office or a dedicated mobile app. In addition to the changed tax system, GRA is implementing several other strategic initiatives that expand revenue campaigns and tax valuation criteria. These measures are part of the government's comprehensive strategy to reduce reliance on external funding and to strengthen domestic income mobilization.
The special SelfDisclosure Program (SVDP) introduced in 2024 will be deepened. This is an initiative expressed by income tax laws and locals accepted overseas. The program offers these people the opportunity to voluntarily disclose their income abroad that is uncontrollable and uncontrollable. As GRA, we are a tax reversal, allowing the country to mobilize more revenue, as the president announced and repeated by the Finance Minister, and as many donor partners have closed the door to Ghana, allowing important budget allocations to be handled. You need to look at existing income negotiations and implement them in the latter. We believe that when we can do them, we can seal off the many income gaps that are closed to us. These can be guaranteed not to overload Ghanaians, but to support the economy in reset.
Key highlights of the scheme:
Approval: Ghanaian residents leaving only business activities in the country. Tax Category:
o Main taxes based on installments (PTI): Fixed quarterly payments (up to GH¢45) for businesses with annual sales of less than GH -20,000.
o Tax Claims Based on Sale (PTT): Flat 3% interest rate for companies earning from 20,000 to GH -500,000 a year.
o Change Cash Base (MCB): For businesses with a GHS of over 20,000, the allowable deduction will change the interest rate in stages.
Several payment options, including mobile money, USSD code (*222#), bank deposits, etc.
Simplified registration via GRA office or a dedicated mobile app. In addition to the changed tax system, GRA is implementing several other strategic initiatives that expand revenue campaigns and tax valuation criteria. These measures are part of the government's comprehensive strategy to reduce reliance on external funding and to strengthen domestic income mobilization.
The special Self-Disclosure Program (SVDP) introduced in 2024 will be deepened. This is an initiative expressed by income tax laws and locals accepted overseas. The program offers these people the opportunity to voluntarily disclose their income abroad that is uncontrollable and uncontrollable. See exceptions to residential apartments and agricultural real estate.
Non-life insurance VAT
Similar to VAT (Approval of Amendments), 2023 (Law 1107), premiums can be used for VAT purposes such as fire, marine, liability, property, compensation, engineering, travel, robbery, personal accidents, workers, etc.
Insurers must calculate a 15% VAT for all premiums covered by this provision.
To make implementation more effective, the company expects:
Update your accounting and invoice system to include VAT.
Training employees for VAT applications and reporting.
Communicate with customers about positive changes. and
If this is not registered yet, create a timely registration for VAT
The combination of these measures represents a balanced approach to revenue generation. The authorities have created several methods for compliance, ensuring that key sectors contribute to the fair portion.