News Column

Govt Announces 32 Taxable Finance Services

June 9, 2014

Masahudu Kunateh

THE Ghana revenue Authority (GRA) has released a list of financial services that would attract the 17,5 percent Value Added Tax (VAT) and National Health Insurance Levy (NHIL).

According to a letter signed by GRA Commissioner-General, George Blankson, to bankers, a the 32 fee-based services would attract the tax from July 1, 2014.

The services include current accounts (local and foreign), bank draft (payment order), stopped cheques, returned cheques, commission on turnover corporate bodies), and remote banking services.

The list of fees, commissions and similar charges for financial services that are subject to the tax was developed by the Technical Committee for the Implementation of VAT Act 2013 (Act 870) which was made up of representatives of the Ghana Bankers Association of Bankers, the Ministry of Finance and the Ghana Revenue Authority and approved by the Minister of Finance, Seth Terkper.

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Source: AllAfrica

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