The Ghana Revenue Authority (GRA) has commenced the application of the 3% VAT Flat Rate to replace the previous 17.5% Input – Output VAT computation approach effective July 1, 2017.
The old approach, which suffered low compliance due to the extensive paperwork in filing VAT returns is being replaced with the 3% Flat Rate to make it easier for tax payers to comply.
Below is a breakdown of the VAT Flat Rate:
