Inflation
February 2017
13.20%
Implementation of the VAT Act 2013, (Act 870) on Financial Services

The Ministry of Finance, Ghana Revenue Authority and the Ghana Association of Bankers at an emergency meeting held today Thursday April 24, 2014, on the implementation of VAT on financial services have reiterated that by the provisions of the 2013 Act 870, VAT is not chargeable on salaries, savings, deposits, investments, interests or loans. (April 24, 2014)

No VAT charges on Salaries, Savings, etc at the Banks

The Ministry of Finance and the Ghana Revenue Authority have noted with concern publications in the media on banks charging VAT on services including salaries and savings. We wish to state categorically that salaries, savings, deposits, loans and payment with cheques are all exempted from VAT. 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. (April 22, 2014)

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