Ghana will begin levying VAT on financial services beginning June 1st, 2014. The inclusion of financial services under VAT was originally planned to be implemented along with the increase of VAT to 15% at the beginning of the year, but was delayed due to the complex changes needed. The effective rate on financial services is 17.5%; the standard VAT rate of 15% plus the National Insurance Levy of 2.5%. Financial services subject to VAT include banking and insurance services provided for a fee, commission or similar charge. Life insurance and reinsurance is exempt.