There are plans to broaden the tax net for small and medium-sized businesses (SMBs) throughout the nation, according to the Ghana Revenue Authority (GRA). This project is the result of an extensive research study that was carried out to comprehend the complexity of tax compliance within the SMB landscape. The study was carried out in partnership with key stakeholders in the financial sector.
The study investigated the difficulties SMBs encounter in complying with tax laws, particularly in the quickly expanding e-commerce industry. It was headed by Abena Serwaa Annor, a Senior Finance Officer and member of the 10-person panel established by the presidency for the GRA Policy Evaluation Team. The research’s conclusions have played a significant role in forming the GRA’s new policy direction, which aims to guarantee that SMBs pay their taxes and make equitable contributions to the economy of the country.
Highlighting the significance of the project, Ms. Annor said, “Our research highlights the critical role that small and medium-sized businesses play in driving economic growth and job creation in Ghana,”. But it also emphasises how important it is for these companies to follow the changing regulatory environment and implement moral tax policies.
In addition to guaranteeing an open and honest business environment, the GRA’s tax net expansion helps these businesses thrive sustainably. The new policy framework from the GRA will be centred on giving SMBs the resources and tools they need to deal with the complicated tax landscape, such as access to sophisticated tax software and data analytics platforms.
Furthermore, the policy would underscore the significance of governmental endeavours to modify tax laws in line with the digital world, especially for multinational e-commerce enterprises. It is anticipated that the tax net extension will greatly increase revenue collection and support the nation’s larger economic growth objectives. Supported by financial specialists such as Abena Serwaa Annor, the GRA is dedicated to creating an environment that is favourable for the expansion of small and medium-sized enterprises (SMBs) while guaranteeing that every business makes a reasonable contribution to the economy.
SOURCE: https://dew360.net
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