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Ghana VAT on financial services delays

  • VAT
  • 28 February 2014 | Richard Asquith

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.


VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.