Finance Minister Presents Bill to Exempt Motor Insurance from VAT
Accra, March 14, 2025 – Finance Minister, Dr. Cassiel Ato Forson, has presented a bill to Parliament seeking to amend the Value Added Tax (VAT) Act to exempt motor vehicle insurance policies from VAT.
Government Fulfills Budget Promise
The move aligns with the government’s 2025 budget commitment to abolish VAT on motor insurance policies, aiming to ease the financial burden on motorists and improve compliance with vehicle insurance regulations.
Bill Referred to Finance Committee
After the bill’s first reading, First Deputy Speaker, Bernard Ahiafor, referred it to the Finance Committee for further scrutiny.
🔹 “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,” Ahiafor announced.
If approved, the VAT exemption on motor insurance is expected to reduce insurance costs, enhance affordability, and support Ghana’s broader financial inclusion goals.
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