Stop charging VAT on financial services – GRA orders financial institutions

The Ghana Revenue Authority has directed financial institutions to immediately desist from charging VAT on financial services.

This follows government announcing some tax reliefs including abolishing of VAT on financial services during its 2017 budget presentation in Parliament.

A statement signed by Acting Commissioner-General, Emmanuel Kofi Nti said “Parliament passed the Value Added Tax (Amendment) Act, 2017, Act 948 to include the supply of financial services as exempt supply. In line with the above, we hereby inform all financial institutions to discontinue charging VAT on financial services.”