The Ghana Revenue Authority (GRA) is taking significant steps to boost tax compliance in the informal sector.
As part of its Sustained Tax Education Programme, the GRA recently met with taxpayers from the Sunyani, Tachiman, Kintampo, and Goaso jurisdictions to educate them on the Modified Taxation Scheme (MTS).
This simplified tax system offers a flexible way for individuals in the informal sector to pay taxes on their business income.
Key Highlights of the Modified Taxation Scheme:
– _Simplified Tax Process_: The MTS simplifies tax registration and payment for informal sector businesses.
– _Flat Tax Rate_: A flat rate of 3% applies to individuals and businesses with annual incomes not exceeding GH¢500,000.
– _Digital Payment Options_: Payments can be made conveniently via mobile money or the MTS mobile app.
The GRA aims to increase tax revenue and promote voluntary compliance through this programme.
The Sustained Tax Education Programme will continue for the next three years, targeting micro, small, and medium businesses, schools, universities, markets, and digital platforms.
By bringing tax education closer to the people, the GRA hopes to bridge the knowledge gap and encourage more Ghanaians to contribute to national development through tax payments.
