Ghana VAT on financial services delays

Following the increase of the Ghana VAT rate to 15% from 1 January 2014, there has been uncertainty about the implementation of VAT on a range of financial services.

Originally, the 2013 VAT Act plan had been to extend the VAT net to include banking and insurance.  However, this has now been delayed until 1 April 2014.

The Ghanaian revenue office has also reiterated that there will be no VAT on bank deposits, and that VAT would only be charged on bank services around deposit taking and loans.

There still remains question over the inclusion of real estate within Ghanaian VAT regime.

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