The Minister for Finance, Dr. Cassiel Ato Forson, has presented a bill to Parliament seeking to amend the Value Added Tax (VAT) Act to exempt the supply of motor vehicle insurance from VAT.
This initiative responds to the government’s promise to abolish the VAT on motor insurance policies in the 2025 budget.
The First Deputy Speaker, Bernard Ahiafor, has subsequently referred the bill to the Finance Committee for consideration and reporting.
“Honorable members, the bill on Value Added Tax amendment 2025, is accordingly read for the first time and referred to the finance committee for consideration and report,” he stated.
