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GRA to Impose 15% VAT on Non-Life Insurance Premiums from July 1

4 months ago
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GRA to Impose 15% VAT on Non-Life Insurance Premiums from July 1

The Ghana Revenue Authority (GRA) will from July 1, 2025, begin applying a 15 per cent Value Added Tax (VAT) on non-life insurance premiums, in a move aimed at boosting domestic revenue mobilisation.

Announced via the Authority’s official social media channels, the tax measure will apply to a range of general insurance policies, including property, health, and travel insurance. Motor insurance premiums, however, will remain exempt.

The GRA has indicated that the new policy forms part of measures outlined in the 2025 Budget to enhance tax compliance and expand the country’s revenue base.

“Starting July 1, 2025, a 15% VAT will be applied to non-life insurance premiums in Ghana,” the Authority stated, adding that the directive aligns with government efforts to widen the tax net.

The imposition of VAT on insurance premiums effectively increases the cost of coverage for individuals and businesses, who will now be required to pay an additional 15 percent in taxes on top of their premium payments.

Industry analysts have warned the move could lead to reduced uptake of certain insurance products, especially in the informal sector.

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The new measure comes at a time when Ghana is seeking to close its fiscal gap and meet revenue targets agreed under its ongoing economic reform programme supported by the International Monetary Fund (IMF).

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