Business News of Tuesday, 28 January 2020Source: www.Ghanaweb.comToday in 2014: VAT won’t strangle financial sector – EIUFile photoThere was an introduction of Value Added Tax (VAT) on financial services in 2014 to stop the rapid growth of the financial sector. Economic Intelligence Unit (EIU) speaking on the issue noted that the VAT placed on the fastest-growing economic sector will not suppress it. Following the taxation on the sector, Ghana was listed among countries in the world that have included VAT on their financial services. The introduction of Value Added Tax on financial services will do little to halt the sector’s expansion and robust growth, the Economic Intelligence Unit (EIU) has said. Based on a sector GDP of GH¢3.4billion in 2012, a 17.5 percent VAT on the full range of financial services could raise around GH¢0.6billion annually.

Source: GhanaWeb January 28, 2020 09:45 UTC