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
-
Accra turns white as Dîner en Blanc delivers night of elegance and culture
58 minutes -
War-torn Myanmar voting in widely criticised ‘sham’ election
3 hours -
Justice by guesswork is dangerous – Constitution Review Chair calls for data-driven court reforms
3 hours -
Justice delayed is justice denied, the system is failing litigants – Constitution Review Chair
3 hours -
Reform without data is a gamble – Constitution Review Chair warns against rushing Supreme Court changes
4 hours -
Rich and voiceless: How Putin has kept Russia’s billionaires on side in the war against Ukraine
4 hours -
Cruise ship hits reef on first trip since leaving passenger on island
4 hours -
UK restricts DR Congo visas over migrant return policy
5 hours -
Attack on Kyiv shows ‘Russia doesn’t want peace’, Zelensky says
5 hours -
Two dead in 50-vehicle pile up on Japan highway
5 hours -
Fearing deportation, Hondurans in the US send more cash home than ever before
5 hours -
New York blanketed in snow, sparking travel chaos
5 hours -
Creative Canvas 2025: Documenting Ghana’s creative year beyond the noise
9 hours -
We would have lost that game last season – Guardiola
9 hours -
Nigeria reach AFCON last 16 despite Tunisia fightback
9 hours