Business

Banks directed to discontinue VAT on financial services

The Acting Commissioner-General of the Ghana Revenue Authority (GRA), Emmanuel Kofi Nti, has written to all banks operating in Ghana to discontinue forthwith the charging of taxes on financial services.

This follows the passing of the Value Added Tax (Amendment) Act by Parliament.

The amendments were proposed as part of the 2017 budget statement and economic policy delivered by Minister of Finance and Economic Planning Ken Ofori-Atta in Parliament on March 2.

Act 948 was passed on March 31, 2017.

“In line with the above, we hereby inform all financial institutions to discontinue charging VAT on financial services,” Mr Nti’s letter dated April 18, 2017 stated.

The charging of VAT on financial services was introduced in 2014 after the then government had a VAT Amendment Act passed by Parliament.

Source: 3news.com|Ghana

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