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    Deadline for debt exchange program moved to February 7 with new terms

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    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

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    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

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17.5% VAT on financial services reintroduced

bycitibusinessnews
January 6, 2015
in Banking And Finance, Business, Top Stories
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Citi Business News can confirm that all 28 universal banks in Ghana have commenced charging the 17.5% Value Added Tax (VAT) on some financial services effective January 5th,2014.

The Minister of Finance Seth Terkper announced in the 2015 budget that government will implement the remaining VAT measures for fee based financial services this year.

The Ghana Revenue Authority suspended the implementation of the tax last year after government came under intense pressure from various quarters including banking institutions and some unionized worker groups.

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According to a statement from GRA the decision was taken following a stakeholder consultation to allow more public education.

Speaking to Citi Business News a tax analyst Ali Abdallah Nakyeah demanded that banks clarify whether their earlier concerns have been addressed before the implementation of the tax.

“As to whether they have resolved all the issues, it is only the banks that can tell us”, he stressed.

He is also calling on the Ghana Revenue Authority to clarify which financial service would specifically attract the charges.

Meanwhile banking analyst Nana Otuo Acheampong who has kicked against the move believes government must rather tax directly the income of the financial companies instead of the bank customers.

“If you say you are charging VAT, the VAT is not on the supplier and the financial services companies are only supplying services and so you are taxing the consumer of those services and that is where the logic has gone wrong” , he added.

 

 

By:  Rabiu Alhassan/citifmonline.com/Ghana

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