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GRA begins rollout of a Cashless Service – Will Businesses benefit?

GRA begins rollout of a Cashless Service – Will Businesses benefit?
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On Monday, May 31, the Ghana Revenue Authority announced through a Facebook post that beginning this month it will no longer receive payment in cheques. Taxpayers are thus required to meet all tax obligations online or via the banks.

 

 

“Starting 1st June 2021, GRA stops receiving Cheques in all Domestic Tax Revenue Division (DTRD) offices,” the Facebook post read.

 

This move forms part of the government’s digitization efforts to make tax payment convenient and to prevent tax evasion. The Ghana Revenue Authority is envisaging a complete move from the receipt of cash at its offices to a cashless system by the end of the year.

 

GRA goes Cashless – What pertains Globally

With the rollout of this digitization effort, one can’t help but wonder if the cashless service will indeed create the ease and convenience of meeting tax obligations. Countries all over the world are embracing digital technology to get taxpayers to fulfil their tax obligations without the headache of having to face long bureaucratic processes.

 

 

A specific example of the notable impact of digital progress on filing taxes is Beijing. World Bank report in 2004 states that businesses in Beijing spent 832 hours a year on average to prepare, file, and pay taxes. They had to make 37 payments but by 2018, the number had reduced to 138 hours a year and 7 payments.

 

Paying Taxes 2020, also reiterates how world economies are harnessing technology to create ease in honouring tax obligations. The report states this:

 

 

“Overall, the global average of compliance burden for business taxation remained relatively stable across the four key measures used to evaluate the ease of paying taxes for businesses: time to comply (234 hours); the number of payments (23.1); total tax and contribution rate (40.5%) and a post-filing index (60.9 out of 100).”

 

Since 2012, the average time to comply with tax obligations is 27 hours shorter and an average of 4.4 fewer payments are required. Technological advances drove both improvements”.

 

 

 

 

The post GRA begins rollout of a Cashless Service – Will Businesses benefit? appeared first on Ghana Talks Business.

Ghana Talks Business

The post GRA begins rollout of a Cashless Service – Will Businesses benefit? appeared first on African Media Agency.

Source : African Media Agency (AMA)

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