Ghana Revenue Authority GRA warns financial institutions to halt charging VAT on financial services

The GRA says financial institutions must refrains from taking VAT on financial transactions made by clients.

  • Published: , Refreshed:
24/7 Live - Subscribe to the Pulse Newsletter!

The Ghana Revenue Authority is cautioning financial institutions to immediately desist from charging VAT on financial services.

This development  follows government announcing some tax reliefs including abolishing of VAT on financial services.

READ ALSO:Former deputy finance minister accuses government of “deceit” over VAT

The finance minister Ken- Ofori Atta made these pronouncements during the 2017 budget presentation in Parliament.

A statement signed by Acting Commissioner-General, Emmanuel Kofi Nti said

READ ALSO:Parliament passes VAT Amendment Bill to reduce rate from 17.5% to 3%

“Parliament passed the Value Added Tax (Amendment) Act, 2017, Act 948 to include the supply of financial services as exempt supply. In line with the above, we hereby inform all financial institutions to discontinue charging VAT on financial services.”

Find the full letter below.

play GRA letter


Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email:

Recommended Articles

Recommended Videos

Top Articles

1 Stanbic Bank Staff jailed 10 years for stealing GH¢297,000bullet
2 Bank of Ghana Here are the banks with the best deposit rates in Ghanabullet
3 World Food Day Ghanaians waste $6 billion worth of food a year,...bullet
4 Taxes In Ghana 3% VAT flat rate takes off in July 1bullet
5 Banking In Ghana BoG warns against doing business with...bullet
6 Superhero Deals Campaign Jumia Ghana celebrates customer...bullet
7 Free Decoder Promo StarTimes launches most affordable pay-tv...bullet
8 Menzgold Ghana Investment company closes down its Gold...bullet
9 NCA Fine Radio Gold staff appeals for funds to pay finebullet
10 Interest Rate Here are the banks offering the cheapest...bullet

Top Videos

1 Entrepreneurship How to be resourceful as an entrepreneurbullet
2 Entrepreneurship Failure- How To Deal With It | StartUpSchoolbullet
3 Tappers Palms Guinness Ghana launches new productbullet
4 Entrepreneurship Creating Success Systems | StartUpSchoolbullet
5 Entrepreneurship How To Get Ready To Get Started | StartUpSchoolbullet