Audio By Carbonatix
The Ghana Revenue Authority (GRA) will from July 1, 2025 commence a 15% Value Added Tax (VAT) on non-life insurance premiums.
“Starting July 1, 2025, a 15% VAT will be applied to non-life insurance premiums in Ghana”, the authority said on its social media pages.
According to the GRA, the tax will affect property, health, and travel.
Motor insurance is however exempted.
The tax handle is expected to improve revenue collection for government to help meet government target set in the 2025 Budget.
What does it mean?
By this, individuals or businesses will pay 15 percent more insurance companies in exchange for an insurance policy, which provides financial protection against potential losses or damages.
This will bring additional cost to policy holders.
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