The VAT Service will introduce an electronic cash register scheme for about 5,000 registered operators in the informal sector within the Accra and Tema metropolis this year.
Operators in the sector currently charge a flat rate of three per cent VAT.
The register will help eliminate poor record-keeping of such informal traders and also allow the VAT service to track their transaction records.
Mr Anthony Ewereko Minlah, Commissioner of the VAT Service, told journalists at a seminar for members of the Association of Ghana Industries (AGI) that discussions were currently on-going with some of the companies to enable them understand the scheme ahead of its launch later in the year.
He said the Service had plans to procure registers and make them available to the operators, adding that the assistance of the Ministry of Finance was being sought to get the system in place.
Mr Minlah explained that enough education on the system would be carried out in order to avoid the risk of refusal of the operators to use them.
Commenting on compliance, Mr Minlah commended members of the AGI for the high voluntary compliance.
He said a fair and efficient administration of tax was necessary to ensure voluntary compliance.
Members of AGI were taken through topics on relief on imported raw materials and pharmaceuticals products.
Mr Kwasi Gyimah-Asante, Deputy Commissioner Operations, VAT, said the Service would in the future consider narrowing of the exemptions base and deepen the trust and confidence that currently existed between the Service and Taxpayers.
Source: MJFM
