Ghana MoF confirms mandatory e-invoicing phase 2 roll-out in 2024

The Ghanian Ministry of Finance has included the expansion of its e-invoicing system (e-VAT) in the Highlights of the 2024 Budget and Economic Policy presented to the Parliament on November 15, 2023.

Timeline

No specific timeline was shared in the document, but information available in the tax authority’s (Ghana Revenue Authority - GRA) website indicates that implementation may still start in 2023 for medium taxpayers and is expected to cover all other VAT-registered businesses by the end of 2024.

Impact

The Budget Highlight confirms that the second phase of implementation of the e-VAT system, covering 600 large taxpayers and more than 2k small and medium taxpayers, will be implemented throughout 2024, as one of its revenue measures. The First Phase was rolled out to 50 large and high fiscal risk taxpayers on October 1, 2022 and has been completed. The 2024 Budget Highlights also established as an upcoming measure that the e-VAT invoice will be the basis for all deductible expenses for income tax purposes.