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With the introduction of the Value Income Tax (VIT) by Ghana’s tax officials, a silent revolution aimed at upending the ride-hailing business is about to take place on the busy streets of Accra.
This innovative program, which goes into effect on January 1, 2024, has the potential to drastically alter the financial situation of car owners who own vehicles connected to well-known ride-hailing services like Uber, Yango, and Bolt.
Rendering reference to Section 22 of Regulations 2016, LI 2244, the Ghana Revenue Authority (GRA) has assumed leadership of this revolutionary expedition.
According to this clause, any owner of a commercial vehicle who makes money from the operation of their vehicle is required to pay income tax on a quarterly basis. By taking this action, the GRA hopes to guarantee that the rapidly growing ride-hailing industry pays its rightful share into the national coffers.
To comply with these new tax regulations, ride-hailing companies have been urged to swiftly update their digital platforms. Key guidelines include obtaining a softcopy of the VIT sticker, a symbol of compliance, and validating its authenticity with the GRA.
