Audio By Carbonatix
Government has reached an agreement with commercial banks for the VAT on financial services not to be charged on salaries, savings, deposits, investments, interests or loans.
The tax is to affect only fees or commissions that are charged on some financial services as in the provisions of the 2013 Act 870.
It was also reiterated that June 1, 2014 will be the commencement date for the implementation of Act 870 on financial services whilst all stakeholders dedicate next month to intensive public education campaign on implementation of the tax.
These were contained in a statement from the Finance Ministry following an emergency meeting held on Thursday April 24, 2014 on the implementation of VAT on financial services.
The Finance Ministry, Ghana Revenue Authority and the Ghana Association of Bankers participated in the meeting.
Latest Stories
-
Why Gordon Asare Bediako matters for NPP 2028’s communication
3 minutes -
UPSA hosts 11th Business & Entrepreneurship Conference on ESG and Sustainability
14 minutes -
Strong public confidence boosts Ghana’s drive towards local vaccine production
34 minutes -
Strategy Execution for Results
41 minutes -
Teens need to press pause on late-night doomscrolling
41 minutes -
PIAC probes delayed Ehi–Dzodze road project amid concerns over oil revenue use
44 minutes -
Amb. Dr Samuel Ben Owusu calls for urgent action on Ghana’s water security
59 minutes -
Pan Africa AU Agenda 2063 Mission, IAWPA hold Africa Day Leadership Summit in Accra
1 hour -
Akatsi North MP calls for more teacher recruitment as district commissions new projects
1 hour -
Paternity Fraud Laws in Ghana: A balanced alternative to Compulsory Paternity Testing at Birth
1 hour -
Flooding in Accra: Over 30 Years of Doing Nothing
2 hours -
TI Ghana, GIPC intensify media campaign against fronting in business sector
2 hours -
“I suffered beatings, look at my marks” – Evacuated Ghanaian recounts alleged xenophobic attack in South Africa
2 hours -
Afanyi Dadzie Writes: Xenophobia, illegal migration and the hard truths we must face as Ghanaians
2 hours -
The NPP can only secure victory in 2028 with the right leadership choices at every level of the party
3 hours