GRA to expand tax net on small and medium businesses

The Ghana Revenue Authority (GRA) has announced plans to expand the tax net on small and medium-sized businesses (SMBs) across the country.

This initiative comes in the wake of a comprehensive research study conducted in collaboration with key stakeholders in the financial sector, aimed at understanding the complexities of tax compliance within the SMB landscape.

The study, led by Abena Serwaa Annor, a Senior Finance Officer and a member of the 10-member panel instituted by the presidency for the GRA Policy Evaluation Team, explored the challenges SMBs face in adhering to tax regulations, particularly in the rapidly growing e-commerce sector.

The findings from the research have been instrumental in shaping the GRA’s new policy direction, which seeks to ensure that SMBs fulfil their tax obligations and contribute fairly to the national economy.

Speaking on the importance of the initiative, Ms Annor stated, “Our research highlights the critical role that small and medium-sized businesses play in driving economic growth and job creation in Ghana. However, it also underscores the need for these businesses to adopt ethical tax practices and comply with the evolving regulatory landscape.

By expanding the tax net, the GRA is not only ensuring a fair and transparent business environment but also supporting the sustainable growth of these enterprises.”

The GRA’s new policy framework will focus on providing SMBs with the necessary tools and resources to navigate the complex tax environment, including access to advanced tax software and data analytics platforms.

Additionally, the policy will emphasise the importance of government initiatives to adapt tax regulations to the digital age, particularly for e-commerce businesses operating across multiple jurisdictions.

The expansion of the tax net is expected to boost revenue collection significantly, contributing to the country’s broader economic development goals. The GRA, with the support of financial experts like Abena Serwaa Annor, is committed to fostering a conducive environment for the growth of SMBs while ensuring that all businesses contribute their fair share to the economy.