There's no VAT collection on third-party motor insurance in Ghana – Okyere Baafi

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Nana Adjei 9 months ago

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ATTA DADSON ERIC 9 months ago

I write to share my thought on taxation in Gahna, VAT system, taxable income, insurance, the Ghana Tax Act, 2015 (Act 896) and matters arising.
A taxable income as per the tax law may come from either Employment Income, Busi ...
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I write to share my thought on taxation in Gahna, VAT system, taxable income, insurance, the Ghana Tax Act, 2015 (Act 896) and matters arising.
A taxable income as per the tax law may come from either Employment Income, Business Income or Investment Income. However, an employee of on monthly salary, who is taxed on his employment income and owned a private car with an insurance cover under Third Party Motor Insurance should not and must not be expected to pay VAT on his vehicle insurance policy with the same income from his employment. This will amount to double taxation. Perhaps, the insurance company can be taxed on their reported profit.