The finance ministry has sought to allay fears within the insurance community that the 17.5% tax will affect premiums.
At a meeting held today between Government and players in the insurance business, it was made clear that the 17.5% VAT will not be charged on premiums.
The services to be affected by the new levy are however yet to be determined.
President of the Ghana Insurers Association Atsu Menyawovor tells rawgist.com, insurance operators are relieved to know the levy will not affect premiums.
There were fears within the insurance industry the levy will further worsen the country’s low insurance penetration.
