Business News of Tuesday, 14 August 2018
The Ghana Revenue Authority (GRA) is to introduce the Electronic Point of Sale (EPOS) device to monitor Value Added Tax (VAT) collection on real-time basis in the country.
The EPOS device is a computer-like device and it comes in several forms such as fiscal electronic tax/cash register, fiscal electronic signature, and fiscal printer, which capture sales details of businesses and issues electronic receipts to clients.
The device has been piloted at some business locations in Accra and it promises to streamline tax collection and compliance in the country, as it allows the GRA to independently monitor sales records and history of businesses as well as eliminate manual receipts issued by some businesses.
Dr Dela Heloo, Assistant Commissioner of GRA, who made presentations on how the EPOS device functioned at a media sensitisation forum in Tamale said the Minister of Finance, Ken Ofori-Atta, will soon announce the actual date for the introduction of the EPOS device.
The sensitisation forum, attended by media practitioners in the region, was to enhance and deepen the understanding of the EPOS device to enable them to educate the public on the system.
The EPOS device offers benefits to the GRA, which include an increase in revenue, improvement in relationship with the taxpayer, reduction in the need for frequent audits amongst others.
To the taxpayers or businesses, it ensures a quick, accurate and easy way of recording and issuing receipts, easy compliance to tax, elimination of calculation errors on returns, a convenient way of keeping track of stock amongst others.
Dr Heloo urged businesses to use the device as it should when introduced advising clients to also demand receipts to help in revenue collection for the development of the country.
The idea to introduce the EPOS device started during the previous National Democratic Congress’ government era, and the current government is pushing it through because of its potential to ensure tax collection on real time basis.