[ 2014-04-25 ]

17.5% VAT: Banks agree not to tax customers
Commercial banks in Ghana have agreed not to
charge customers 17.5% VAT on salaries, savings,
deposits, investments, interests and loans.

At an emergency meeting with the finance ministry,
Ghana Revenue Authority and the Ghana Association
of Bankers on Thursday over the implementation of
the tax, the banks agreed to levy only fees or
commissions charged on some financial services as
spelt out in Act 870, 2013.

Implementation of the tax on some aspects of
banking services was expected to have started from
May but has now been postponed to June 1, 2014.

In the interim, the ministry and the banks will
start an education drive on the new tax.

Pressure group Alliance for Accountable Governance
on Thursday issued a week’s ultimatum to the
government to immediately withdraw the tax or face
a demonstration.

Source - Radio XYZ

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