- Ghanaian Revenue Authority issued FAQs on VAT for non-life insurance products on July 3
- 15 percent VAT rate applies to non-life insurance products like fire, property, marine, and travel insurance for policies issued or renewed on or after July 1
- Motor insurance and policy claims are exempt from VAT
- Insurers can claim input VAT on operational costs for taxable non-life insurance services
- Insurance companies must adhere to VAT invoicing, reporting, and registration requirements
- Penalties are in place for noncompliance
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
