GRA announces major policy proposal under Modified Taxation Scheme initiative

“The MTS should not be limited to individuals and sole proprietors,” the Technical Advisor said, announcing the Authority’s policy position that qualifying small businesses with annual turnover not exceeding GH¢750,000 should ultimately be eligible for the simplified regime.

The Ghana Revenue Authority (GRA) is proposing to extend the Modified Taxation Scheme (MTS) to qualifying small limited liability companies with annual turnover of up to GH¢750,000.

Ms Appau-Klu said the policy would mean that businesses such as salons, laundries, bakeries, carpentry shops and provision stores that operate as limited liability companies could eventually access the simplified tax framework if their annual turnover remains below the proposed threshold.