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Ghana: Insurers says high tax will affect rates, penetration

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Ghanaian insurers have said that the new value added tax on their services could force them to increase premium rates, reports Graphic.com.gh.

They also said that imposition of the 17.5% VAT could aggravate the problem of insurance penetration in Ghana, which currently stands at less than 2%.

The insurance sector has until September 2014 to start implementing the new tax, reports Graphic.com.gh.

Life insurance and reinsurance services have been exempted.

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