The Controller and Accountant General, Mr. Eugene Asante Ofosuhene has called on treasury officers to help government in achieving its development agenda through adequate revenue mobilization. He said this In a meeting organized for State Treasury Officers by the Ghana Revenue Authority (GRA) in collaboration with the Controller and Accountant General Department, CAGD, as part of the sensitization program on the Withholding Value Added Tax (WVAT).
“Our nation today stands at crossroads for attainment of unprecedented growth and development, with policies like the free SHS, One District One Factory initiative.”
The WVAT is a mechanism to account for and pay VAT on the supply of good and services by the person making the payment and it is the responsibility of the GRA working through the Commissioner General, to appoint the WVAT agents to withhold a portion of VAT on the payment made to a VAT registered supplier, who is a Standard Rate Operator for the agent to remit to the GRA.
The WVAT, according to him was not a new VAT or tax regime, but had been in existence under the VAT Withholding Amendment Act (ACT 954) 2017, aimed at reducing the nil and non-filters, reducing future uncollectable debt by collecting the tax upfront from the major consumers.
He was of the view that with innovative ways of generating revenues, the government’s aim of lifting people from abject poverty would be materialized.
Story by: Maryam Hassan
