Ghana Defers Implementation Of VAT On Financial Services.

 

The Ghana Revenue Authority (GRA) has postponed until further notice the implementation of the Value Added Tax (VAT) on financial services scheduled to begin on July 1, 2014.

"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 GRA said in a statement here Monday.

"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," it added.