- Ghana’s 2025 tax reforms include VAT on non-life insurance premiums, a revised fuel levy, and a new scheme for the informal sector.
- VAT of 15% applies to non-life insurance premiums starting July 1, 2025, covering fire, property, marine, travel, burglary, liability, personal accident, and workmen’s compensation insurance.
- Motor insurance remains VAT-exempt.
- VAT does not apply to insurance claims.
- Insurers must issue clear invoices, update systems, register for VAT, and educate clients.
- Fuel levy increases by GH₵1 per litre for petrol, diesel, marine gas oil, and naphtha starting July 16, 2025.
- The government aims to generate GH₵5.7 billion annually to repay energy sector debt and ensure power generation.
- The fuel levy faced criticism from transport unions, opposition MPs, and think tanks, but was supported by the IMF.
Source: firmusadvisory.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.
Latest Posts in "Ghana"
- Ghana Revenue Authority to Implement Tax Reforms, Enforce EFDs, and Establish Tax Appeal Board by 2026
- Evaluating Ghana’s VAT System: Current Model and Future Impact of Proposed Reforms
- VAT Must Be Paid on Free Tickets by Taxable Entities, Says Ghana Revenue Authority Official
- Ghana plans full implementation of fiscal electronic device legislation
- Ghana’s VAT Potential High, Faces Implementation Challenges, Says GRA Chief
