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Banks send messages announcing abolishment of VAT on financial services
The announcement follows a directive by the Acting Commissioner-General of the Ghana Revenue Authority (GRA), Emmanuel Kofi Nti, to all banks operating in Ghana to discontinue forthwith the charging of taxes on financial services.
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It follows the passing of the Value Added Tax (Amendment) Act by Parliament in March
Many banks on Friday sent out messages informing their customers of the decision.
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Ecobank said: “Dear client, the VAT ACT as amended (Act,948, 2017) abolishes the 17.5% VAT on financial services. Accordingly, Ecobank has stopped charging VAT on transaction.”
UMB said: “Dear Valued Customer, as directed by the government, UMB will no longer charge VAT on financial services. Please call 0302633988 for more info.”
Cal Bank said: "Dear Client, we have stopped charging VAT on transactions. This is because the 17.5% Tax on Financial Services (VAT Act 948, 2017) has been amended. Thank you."
The Mahama administration introduced the VAT on financial services in 2014 in a bid to rake in more revenue after it was struggling to meet revenue targets.
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Describing it as nuisance tax, then candidate Nana Akufo-Addo promised to abolish it when voted for in the 2016 elections.
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