The Ghana Revenue Authority (GRA) has announced the implementation of the Value Income Tax (VIT) on commercial vehicle owners, particularly ride-hailing vehicles such as Bolt, Uber, Yango, etc effective January 1, 2024.
The GRA however, fails to indicate the percentage of income that owners of ride-hailing vehicles are supposed to pay as Value Income Tax (VIT).
The regulatory initiative, which the GRA notes is in accordance with Section 22 of Regulations 2016, LI 2244, mandates that any commercial vehicle owner deriving income from operations must adhere to a quarterly income tax payment schedule.
Ride-hailing giants such as Uber, Yango, and Bolt have been notified to swiftly adapt their digital platforms to accommodate these new tax obligations.
Key directives outlined by the GRA include the requisition of a softcopy of the VIT sticker from ride-hailing companies, the mandatory validation of sticker authenticity through the GRA, and the quarterly submission of a comprehensive vehicle roster to the GRA for assessment.
Commencing on January 1, 2024, the GRA underscores its commitment to strict enforcement of these directives, signaling a transformative shift in tax compliance within the ride-hailing sector.
Ride-hailing vehicle owners are urged to proactively register their vehicles at any GRA office, facilitating the streamlined payment of the VIT through the designated shortcode *222#.
The implementation of the VIT for ride-hailing services signifies a strategic effort to bolster revenue streams while ensuring equitable taxation within an evolving digital economy.
The financial landscape for ride-hailing in Ghana is poised for change, and industry players are urged to expedite preparations for seamless compliance with these newly introduced tax policies.
