VAT payment on fee based financial services to begin 

The payment of VAT on fee based financial services which was introduced last year by banks but was halted due to inadequate education will begin this month. 

The Ghana Revenue Authority, GRA has written to the banks to start its implementation.  

The Commissioner General of the Authority, George Blankson, announced this at a media soiree in Accra. 

He said the implementation of the law should cover fee based services provided by suppliers whose taxable supplies are above the turn over threshold.   

Mr. Blankson said the modernisation process which begun in 2010 following the integration of the Agencies will be pursued.  

This will help improve administrative processes and procedures to ensure tax payer compliance.  

As part of this process, the Domestic Tax Revenue Division has deployed the Total Revenue Integrated System (TRIPS), in twelve offices.  

TRIPS will link up with the Ghana Customs Management System to share information to enable GRA to monitor the activities of importers and put together their declared income with their volume of import.

GBC