From Sebastian R. Freiku, Kumasi .
The Ghana Revenue Authority (GRA) is about to roll out the Electronic Point of Sale (EPOS) project, in a bid to curb tax evasion and improve upon revenue collection under the Value Added Tax.
It is targeted at all VAT registered persons, and all retail businesses to use cash registers to promote a cashless economy and enhance the Ghana Beyond Aid from an anticipated revenue jump.
The GRA is currently undertaking a stakeholders’ engagement to educate the business entities and the general public for a smooth take off of the project.
The proposed implementation of the project, which has been piloted for nine years, comes after the passage of the Taxation Act 966 of 2018, in March this year, and had presidential assent in May 2018.
When implemented, the Taxation Act would encourage the use of fiscal electronic devices at points of sale of commercial and distribution outlets, and thus qualify Ghana to use EPOS to regulate purchases and enable the GRA ascertain the quantum of VAT paid on a daily basis.
About 80,000 devices are to be procured by accredited suppliers for the implementation of the EPOS project under the law to monitor purchases of the about 40,000 tax payer data base for the take off.
Dr. Dela Heloo, Assistant Commissioner of GRA, at a media briefing in Kumasi, explained that EPOS is a means by which the GRA is to widen the tax net by capturing sale transactions by all taxable persons.
The Tax Commissioner said EPOS would ensure accurate recording of sale transactions and facilitates easy compliance of pay tax.
He said the system ensures a stress-free means of filing tax returns, while maximising revenue collection, minimising revenue suppression, and promoting cashless payment on sale transactions.
Dr. Heloo indicated that the system is efficient and cost effective, and encourages tax compliance.