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Photos: Union Savings And Loans Educate Clients On The New VAT/NHIL Law   
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Mr. Francis Ocran
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Education on the provision of the VAT Act 2013 (Act 870) on financial services for which fees and commissions are imposed has generally been low in Ghana.

However, Union Savings and Loans has officially become the first financial institution in the country to offer free education on the new VAT/NHIL to clients. All taxes paid in Ghana are supported by an act of parliament and put into effect by an act in accordance with article 174 of the 1992 constitution.

Experts from the Ghana Revenue Authority graced the occasion to provide an in-depth explanation on the new law. Mr. Francis Ocran from the Policy and Programme Department of GRA, first defined tax as a “compulsory structuring payment made by a designated person to government.”

He disclosed that there is an element of Getfund in the current VAT which stands at 17 ½%. “And there is an element of Getfund in the current VAT which stands at 17 ½%. It is made up of VAT, National Health Insurance and the Getfund.”

The head of Business Division at Union Savings and Loans, Mr. Dominic Donkorh, shared his view in an interview with Peacefmonline.com and explained the brain behind the organization of the forum.

The essence of the forum according to him is to give chance for their clients to know about the new VAT law and how it work with bank charges.

“The SME clinic is organized for customers and people who want to work with Union Savings and Loans. The idea is create awareness and make customers understand how the new VAT law can affect their businesses”, he explained.

Mr. Francis Ocran Educated The Gathering

Mr. Dominic Donkorh Explains A Point To The Audience

The Audience Pay Attention

Staffs Of Union Savings and Loans and GRA Take A Photo

Mr. Francis Ocran And His Colleague Pose For A Picture

Source: Chris Joe Quaicoe/Peacefmonline.com email: [email protected]

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