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Ghana: Insurers says high tax will affect rates, penetration


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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