FINAL LIST OF TAXABLE FINANCIAL SERVICES

THE VAT ACT 2013 (ACT 870) AND VAT/NHIL ON FINANCIAL SERVICES IN THE BANKING SECTOR

VAT/NHIL ON FINANCIAL SERVICES IN THE BANKING SECTOR: FINAL INDICATIVE LIST

The Ghana Revenue Authority (GRA) has settled on the final indicative list of services that would attract the 17.5 percent Value Added Tax (VAT) and National Health Insurance Levy (NHIL) under the provisions of the VAT Act, 2013 (Act 870).

Fees, commissions and similar charges on financial services that are subject to VAT/NHIL under the provisions of the VAT Act 2013, (Act 870) include fees, commissions and charges relating to the following financial services:

1.     CURRENT ACCOUNTS (Foreign/Local) - CORPORATE BODIES ONLY

2.     BANK DRAFT (PAYMENT ORDER)

3.     STOPPED CHEQUES

4.     RETURNED CHEQUES

5.    COMMISSION ON TURNOVER (CORPORATE BODIES ONLY)

6.     OVERDRAFT PROCESSING OR RENEWAL FEE

7.     REVOLVING ACCEPTANCE CREDIT

8.    ARRANGEMENT FEE FOR FACILITIES

9.    STATEMENTS AND CERTIFICATES OF BALANCE

10.  CLEARING CHARGES

11.  CHEQUES FOR COLLECTION

12.  STANDING ORDERS

13. TELEPHONE BANKING

14.  SAFE CUSTODY

15. CHEQUE BOOKS

-  Sale of cheque leaflet

-  Replacement of Lost Cheque Book

16.   DEBIT CARDS AND CREDIT CARDS

17.    REVOLVING CREDITS

18.   COLLATERAL MANAGEMENT

19.   TRANSFER OF DOCUMENTS TO OTHER BANKS

20.    GUARANTEES/BONDS/TENDER/PERFORMANCE

21.    REQUEST FOR FOREX DRAFTS

22.   OUTWARDS TRANSFER: SWIFT/TELEX

-  Drafts/Money Orders - Customer

23.   TRAVELLERS CHEQUES, DRAFTS

24.  CHEQUE LODGEMENTS - (FOR CORPORATE BODIES AND THIRD PARTIES ONLY)

25.    EVACUATION FEE (CASH-IN-TRANSIT)

26.    UNPAID STANDING ORDER

27.   CLOSURE OF ACCOUNTS

28.    REMOTE BANKING SERVICES

-  Online Banking (Internet)

-  E-statements

-  E-clients

-  Phone banking

-  SMS banking

-  Mobile Banking

§  Monthly subscription

§  Financial Transaction Fee

 

29.   LENDING FEES

-  Commitment Fee (Arrangement fee, Processing fee, facility fee)

-  Processing Fee

-  Property Valuation Fee (Open market value)

-  Guarantee Commission

-   Bid Security

-  Bank Credit Letter (Letter of Intent)

-  Mobilization Guarantee

-  Retention Guarantee

-  Performance Bond

-  Default or restructured

 

30.   OTHER LOANS, EXCLUDING SALARY ADVANCE

-  Arrangement Fees

-  New Loans

-  Top-Ups

-  Early Settlement Fees

31.   LETTERS OF CREDIT (IMPORTS)

Establishment Commission

- Arrangement Fee

- Presentation under L/C Drawings

 

Amendments:

-  Increase in Amount

Extention of period

Extention of period - another quarter

-  Discrepancy

Other amendments:

32.   DOCUMENTARY BILLS FOR COLLECTION (IMPORTS)

Handling charges - customers

Negotiation Commission

-  Advice of fate

-  Bills deleted

-  Protest

 

Payment Commission

-  Holding charges (per quarter)

 

Prior Approval - Customers with:

-  Own Resources

-  Telex/Cable charges

- Swap charge

 

 Customers allocated funds from Bank;

-       Exchange

-       Telex / Cable charges