Government targetsGHS144m from 17.5% VAT on financial services


Government is hoping to realize about 144 million Ghana cedis as revenue from the 17.5 percent VAT on fee-based financial services.

The tax was introduced last year but took effect from January 2015.

The Ghana Revenue Authority (GRA) says everything has been done to ensure a smooth execution of VAT on fee-based financial services.  

There are however concerns that the necessary education has not been carried out for the public, while some banks are not well prepared for its introduction.

Some consumers of banking services are planning to reduce the number of visits and transactions they make with their banks this year in response to the introduction of 17.5 percent VAT.

Some customers told Joy Business they have no option than to take this action.

Meanwhile, tax consultant and lawyer, Ali Nyakia, told Joy News the tax defeats government’s own program of encouraging more people to saving with our financial institutions.

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