Ghana Tax Agency Issues FAQs on VAT Treatment of Non-Life Insurance Products

The Ghanaian Revenue Authority July 3 issued FAQs on the VAT treatment of non-life insurance products. Topics covered include: 1) a 15 percent VAT rate on non-life insurance products such as fire, property, marine, and travel insurance, applicable to policies issued or renewed on or after July 1; 2) VAT exemptions for motor insurance and policy claims; 3) the ability of insurers offering taxable non-life insurance services to claim input VAT on their operational costs; 4) VAT invoicing, reporting, and registration requirements for insurance companies; and 5) penalties for noncompliance. [Ghana, Ghana Revenue Authority, 07/03/25]

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