Banks contemplating imposing an additional 17.5 per cent Value Added Tax charge on all services could be taking an illegal advantage of their customers, as the new VAT Act, Act 870, only affects fees that are charged on non-core financial services, such as consulting services, data processing, legal, accounting, and other such services.
There has been a general outcry by Ghanaians who felt the new fees could affect their savings and other core transactions at the bank. But, the
The new VAT Act, Act 870, only affects fees that are charged on non-core financial services such as data processing, legal, accounting, actuarial, notary and consulting services", Deputy Minister of Finance,
Dr. Akoto Osei, a former minister of state at the
He further noted that the controversies surrounding the new VAT Act have arisen because the government failed to listen to the concerns raised by the Minority and rushed the bill to Parliament for passage. The
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