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The Ghana revenue Authority (GRA) has finally settled on the list of services that would attract the 17.5 percent Value Added Tax (VAT) and National Health Insurance Levy (NHIL). The GRA in a letter to Bankers and Banks said the 32 fee-based services would attract the tax from July 1, 2014. The amendment of the VAT law last November expanded the scope of the tax and raised the rate from 15 percent (including the National Health Insurance Levy) to 17.5 percent. Financial services, which hitherto had been exempted from VAT, have now been brought under the tax � placing Ghana among a very short list of countries in the world that charge VAT on financial services. The list of fees, commissions and similar charges for financial services that are subject to the tax was developed by the Technical Committee for the Implementation of VAT Act 2013 (Act 870) which was made up of representatives of the Ghana Bankers Association of Bankers, the Ministry of Finance and the Ghana Revenue Authority and approved by the Minister of Finance, Seth Terkper. Find below the full list of financial services that would attract the 17.5% tax: 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