The Ghana Revenue Authority (GRA) has deferred the implementation of the 17.5 percent Value Added Tax (VAT) charges on non-core financial services.
The GRA in a statement noted that suspension of the implementation will allow for more time for public education and adequate preparation by the banks for a smooth implementation.
” After a careful evaluation of progress of the ongoing publicity and education programme on VAT on financial services, and taking cognizance of the request by sections of the banking community for extension of the period of preparation for implementation of the tax, the commencement date of 1st July, 2014 originally set, has been postponed until further notice,’’ the statement said.
DEFERMENT OF IMPLEMENTATION OF VAT ON FINANCIAL SERVICES
After a careful evaluation of progress of the ongoing publicity and education programme on VAT on financial services, and taking cognizance of the request by sections of the banking community for extension of the period of preparation for implementation of the tax, the commencement date of 1st July, 2014 originally set, has been postponed until further notice.
The decision, taken in consultation with the appropriate stakeholders is to allow for more education of the general public and adequate lead time for the banks to achieve the level of preparedness that will ensure a hitch-free implementation.
COMMISSIONER-GENERAL
By: Evans Effah/citifmonline.com/Ghana