Financial institutions operating in the country have with immediate effect stopped charging 17.5 percent Value Added Tax (VAT) on all financial services. The decision is in pursuant to the Value Added Tax Amendment Law (Act948, 2007). Banks such as Access Bank, Ecobank, Unibank, CAL, UMB Bank and Zenith Bank, among others, have sent text messages … Read more
The NPP government has with immediate effect, through the Ghana Revenue Authority (GRA) abolished the Value Added Tax (VAT) charged on all financial service transactions in the country. GRA in a letter, citied by the thebftonline.com, has directed all financial institutions to cease charging the VAT on financial services as the law backing tax has … Read more
Tax cut is intended to some relieves to financial institutions The Ghana Revenue Authority (GRA) has discontinued the 17.5% Value Added Tax (VAT) imposed the on financial service in the country. According to the letter dated April 18, 2017, and signed by the Acting Commissioner General of the Ghana Revenue Authority, Emmanuel Nti, the discontinuation … Read more
Chairman of the Abbossey Okai Spare Parts Dealers Association, Mr. Siaw Ampadu has disclosed that he will lead officials of the Ghana Revenue Authority to store owners in Abbossey Okai who do not pay VAT. Explaining his stance, Mr. Ampadu said the approval of the 3% VAT Flat Rate by parliament last week is to … Read more
A while ago, parliament passed the VAT amendment Bill into law subject to presidential assent. The budget, and the bill, which was prepared by the government and laid before parliament, seeks to abolish VAT on financial services which include non-life insurance and professional services in the nature of accountancy, investment and legal services. But unfortunately, … Read more
Parliament has passed the Value Added Tax (VAT) Amendment Bill, 2017, which would require all taxable retailers and wholesalers to account for VAT at a flat rate of three per cent. The rate would be calculated on the value of the taxable supply unless the Commissioner General of the Ghana Revenue Authority (GRA) directs otherwise. … Read more
Thursday March 2 is a day many in Ghana will remember for a long time to come. It was the day the country’s Finance Minister, Kenneth Ofori-Atta, presented the Akufo-Addo-led administration’s first budget statement. It was a statement that touched the chords and nerves of many who had eagerly anticipated its reading. The finance minister … Read more