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Ecobank, Cal Bank, Others Stop Charging VAT On Financial Transactions

Ghanaian banks like Ecobank, Cal Bank and many others have stopped charging VAT on financial transactions by clients.

This action was informed by the Government of Ghana, President Nana Akufo-Addo in his quest to fulfill his campaign promises to the good people of Ghana.

This is because the 17.5% Tax on Financial Services (VAT Act 948, 2017) has been amended and accordingly, all banks in the country have stopped charging VAT.

FNNewsOnline.Com can confirm that Ecobank, CAL Bank, UMB bank, Unibank, and Zenith Bank, among others have sent text messages to their customers announcing the stoppage of the charges.

It is expected that all banks will send messages to their clients to notify them as part of creating awareness. Already, some stakeholders in the banking sector have expressed excitement at the move asking banks and all financial institutions in the country to quickly abide by the directive.

Message from Cal Bank to its clients reads;

“Dear Client, we have stopped charging VAT on transactions. This is because the 17.5% Tax on Financial Services (VAT Act 948, 2017) has been amended. Thank you.”

From Ecobank to its clients

“Dear Client, the VAT Act as amended (VAT Act 948, 2017) abolishes the 17.5% VAT on Financial Services. Accordingly Ecobank has stopped charging VAT on transactions.”

Source: www.FNNewsOnline.com

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