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GRA freezes VAT on financial services

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The Ghana Revenue Authority (GRA) has issued a directive to all financial institutions in the country to discontinue charging Value Added Tax (VAT) on financial services.

The directive comes after parliament passed the VAT Amendment Act 2017, Act 948, to include the supply of financial services as exempt supply.

It is recalled that government in the 2017 budget statement announced some tax reliefs including the abolition of VAT on financial services.

The move is meant to bring some financial relief to citizens who deal with financial institutions across the country.

Source: Ghana/AccraFM.com/100.5FM

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