The Ghana Revenue Authority (GRA) would soon roll out an Electronic Point of Sale device (EPOS) for easy collection of Value Added Tax (VAT) in the country.
Among others, the electronic point of sale device is a computerized system which comes as a replacement to the already existing VAT receipt book, would among others promote a cashless economy by blocking all loopholes in the collection of VAT, thereby raising more revenue for national development.
The EPOS would as well, record sales in retail shops, using a laser scanner at the cash teller point to read bar codes on the packages of the items sold.
At a media engagement in Tamale, an Assistant Commissioner in charge of Compliance and Collection at the GRA, Dr. Dela Heloo disclosed that, the EPOS will enable the revenue authority, widen the tax net by capturing sale transactions by all taxable persons.
He said, Act 966 passed by the parliament of Ghana backs the introduction of the new mechanism of collecting VAT, explaining that, EPOS would ensure accurate recording of sale transactions and facilitate easy compliance of taxpaying.
An Assistant Project Co-ordinator of the SSD projects, GRA, Isaack Kobina Amoako for his part, explained that the Electronic Point of Sale project (EPOS) would ensure a stress free filing of VAT returns.
He said the GRA would procure about 80,000 devices through accredited suppliers for the implementation of the EPOS project which targets some 40,000 VAT registered businesses.
Beginning with some 600 large businesses, would be later rolled out to cover more businesses in the medium and small scale categories.
Ghana would become the first country in West Africa to introduce the device which already is in used in countries like Kenya, Rwanda and Tanzania among others.