{"id":1049,"date":"2025-06-26T12:54:34","date_gmt":"2025-06-26T12:54:34","guid":{"rendered":"https:\/\/myenterprisegroup.io\/gh-insurance\/?p=1049"},"modified":"2025-06-26T13:06:28","modified_gmt":"2025-06-26T13:06:28","slug":"vat-on-non-life-insurance-services-effective-1st-july-2025","status":"publish","type":"post","link":"https:\/\/myenterprisegroup.io\/gh-insurance\/2025\/06\/26\/vat-on-non-life-insurance-services-effective-1st-july-2025\/","title":{"rendered":"VAT on Non-Life Insurance Services \u2013 Effective 1st July 2025"},"content":{"rendered":"<p>Dear Valued Customer,<\/p>\n<p>Effective 1st July 2025, all non-life insurance services offered by Enterprise Insurance Ltd\u2014excluding motor insurance and bonds\u2014will be subject to a Value Added Tax (VAT) rate of 15% and total levies of 6%, in accordance with the Value Added Tax (Amendment) Act, 2023 (Act 1107). This applies to both new and existing policies.<\/p>\n<p><strong>VAT Breakdown:<\/strong><\/p>\n<p>The applicable levies and tax rates are as follows:<\/p>\n<ul>\n<li>\u2002\u2002\u2002\u2002\u2002National Health Insurance Levy (NHIL) \u2013 2.5%<\/li>\n<li>\u2002\u2002\u2002\u2002\u2002Ghana Education Trust Fund Levy (GETFund Levy) \u2013 2.5%<\/li>\n<li>\u2002\u2002\u2002\u2002\u2002COVID-19 Health Recovery Levy (CHRL) \u2013 1%<\/li>\n<li>\u2002\u2002\u2002\u2002\u2002Value Added Tax (VAT) \u2013 15% (applied after the above levies)<\/li>\n<\/ul>\n<p><strong>Example of Premium Computation with VAT<\/strong><\/p>\n<p>For a premium of GHS 100:<\/p>\n<p>1.\u2002\u2002\u2002\u2002Add levies before VAT:<\/p>\n<p>o\u2002\u2002\u2002\u2002\u2002NHIL (2.5%): GHS 2.50<\/p>\n<p>o\u2002\u2002\u2002\u2002\u2002GETFund (2.5%): GHS 2.50<\/p>\n<p>o\u2002\u2002\u2002\u2002\u2002CHRL (1%): GHS 1.00<\/p>\n<p><strong>Subtotal: GHS 106.00<\/strong><\/p>\n<p>2.\u2002\u2002\u2002\u2002Apply VAT (15%) on GHS 106 = GHS 15.90<\/p>\n<p>Total Tax = GHS 6 (levies) + GHS 15.90 (VAT) = GHS 21.90<\/p>\n<p><strong>Therefore, Effective Tax Rate = 21.9%<\/strong><\/p>\n<p>Enterprise Insurance remains committed to transparency and to empowering our customers with the information they need to make confident and informed insurance decisions.<\/p>\n<p>For further inquiries, please contact the Enterprise Insurance customer service team on 0302634777 or email us on customerservice.insurance@myenterprisegroup.io<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-2902 size-full\" src=\"https:\/\/myenterprisegroup.io\/gh-insurance\/wp-content\/uploads\/sites\/2\/2025\/06\/GRA.jpg\" alt=\"GRA\" width=\"552\" height=\"764\" srcset=\"https:\/\/myenterprisegroup.io\/gh-insurance\/wp-content\/uploads\/sites\/2\/2025\/06\/GRA.jpg 552w, https:\/\/myenterprisegroup.io\/gh-insurance\/wp-content\/uploads\/sites\/2\/2025\/06\/GRA-217x300.jpg 217w\" sizes=\"(max-width: 552px) 100vw, 552px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dear Valued Customer, Effective 1st July 2025, all non-life insurance services offered by Enterprise Insurance Ltd\u2014excluding motor insurance and bonds\u2014will be subject to a Value Added Tax (VAT) rate of 15% and total levies of 6%, in accordance with the Value Added Tax (Amendment) Act, 2023 (Act 1107). This applies to both new and existing [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":2904,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","footnotes":""},"categories":[17],"tags":[],"_links":{"self":[{"href":"https:\/\/myenterprisegroup.io\/gh-insurance\/wp-json\/wp\/v2\/posts\/1049"}],"collection":[{"href":"https:\/\/myenterprisegroup.io\/gh-insurance\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myenterprisegroup.io\/gh-insurance\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myenterprisegroup.io\/gh-insurance\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/myenterprisegroup.io\/gh-insurance\/wp-json\/wp\/v2\/comments?post=1049"}],"version-history":[{"count":1,"href":"https:\/\/myenterprisegroup.io\/gh-insurance\/wp-json\/wp\/v2\/posts\/1049\/revisions"}],"predecessor-version":[{"id":1052,"href":"https:\/\/myenterprisegroup.io\/gh-insurance\/wp-json\/wp\/v2\/posts\/1049\/revisions\/1052"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/myenterprisegroup.io\/gh-insurance\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/myenterprisegroup.io\/gh-insurance\/wp-json\/wp\/v2\/media?parent=1049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myenterprisegroup.io\/gh-insurance\/wp-json\/wp\/v2\/categories?post=1049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myenterprisegroup.io\/gh-insurance\/wp-json\/wp\/v2\/tags?post=1049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}