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.
Latest Stories
-
Netherlands Fire Chief in Ghana to support fire safety reforms and market fire prevention efforts
3 hours -
Mason goes on remand for stealing
3 hours -
Gov’t cuts fuel taxes, deploys buses to curb impact of rising fuel prices
4 hours -
Interior Minister calls for intelligence-driven strategy as Ghana strengthens counter-terrorism efforts
4 hours -
Adenta Circuit Court remands Pastor William Gyimah over viral threats against Vice President
4 hours -
“We’ve implemented changes to prevent a repeat of the AFCON final” – CAF President Motsepe
5 hours -
Gov’t orders deployment of Metro Mass buses to cushion commuters amid fuel price hike
5 hours -
Key Indian state polls begin in test for Modi’s party
6 hours -
Playback: Gomoa Easter Carnival in photos
6 hours -
Gov’t orders removal of fuel taxes to ease pump price hikes
6 hours -
“Whatever the decision of CAS, we will respect it” – CAF President Motsepe after AFCON final meetings in Morocco
6 hours -
Emma Ankrah: When waiting becomes part of treatment – Reflections on hospital care
6 hours -
Ghana urges travellers to prepare for new EU border system roll-out
6 hours -
Mahama enforces fuel coupon ban for ministers as cabinet moves to slash fuel taxes
6 hours -
Task force probes strange fish deaths in Tema
6 hours