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The Commissioner-General of the Ghana Revenue Authority (GRA) wishes to inform the general public that the following amendments have been made to the Income Tax Act, 2015 (Act 896) by the Income Tax (Amendment) Act, 2015 (Act 902).

1. First Schedule to Act 896 Amended as follows:

(a) Act 902 has revised the First Schedule to Act 896 by reviewing upwards the Income Tax Bands applicable to Resident Individuals. Consequently, the tax bands applicable to resident individuals are:

ANNUAL INCOME TAX RATES APPLICABLE TO RESIDENT INDIVIDUALS

CHARGEABLE INCOME

GH₵

RATE %

TAX

 

GH₵

CUMULATIVE CHARGEABLE INCOME

GH₵

CUMULATIVE TAX

GH₵

First 2,592

Free

Nil

2,592

Nil

Next 1,296

5

64.80

3,888

64.80

Next 1,812

10

181.20

5,700

246.00

Next 33,180

17.5

5,806.5

38,880

6,052.50

Exceeding 38,880

25

 

 

 

MONTHLY INCOME TAX RATES APPLICABLE TO RESIDENT INDIVIDUALS

CHARGEABLE INCOME

GH₵

RATE %

TAX

 

GH₵

CUMULATIVE CHARGEABLE INCOME

GH₵

CUMULATIVE TAX

GH₵

First 216

Free

Nil

216

Nil

Next 108

5

5.40

324

5.40

Next 151

10

15.10

475

20.50

Next 2,765

17.5

483.88

3,240

504.38

Exceeding 3,240

25

 

 

 

(b) by the substitution for subparagraph (6) of paragraph 3 as follows:

“(6) The chargeable income of a company for a year of assessment from a manufacturing business not included in subparagraphs (1) and (3), other than a manufacturing business located in Accra and Tema is taxed at the rates indicated below:

 

LOCATION

RATE OF INCOME TAX

a

Manufacturing business located in the regional capitals of the country

75 percent of the rate of income tax applicable to other income under subparagraph (1)

b

Manufacturing business located elsewhere in the country

50 percent of the rate of income tax applicable  to other income under subparagraph (1)

c. by the insertion after paragraph 8(1) (c)  (ii)) of 

“(iiA) in the case of service fees referred to in Section 116(1) (a) (vii), fifteen percent”.

2. Second Schedule to Act 896 Amended

Act 902 has amended the Second Schedule to Act 896 as follows:

(a) by the substitution for paragraph 5 of 

“Presumptive Tax based on turnover 

(5) where presumptive taxation applies to an individual as referred to in paragraph 2 (1) (c ) (ii) ,the tax payable by that individual for a for a year of assessment under section 1(1)(a) is three percent of the turnover of the business, where the turnover is more than twenty thousand cedis but does not exceed two hundred thousand cedis” and 

(b) by the substitution for paragraph 6(1)(b) of 

“(b) the turnover of that individual does not exceed two hundred thousand cedis, calculated using the modified cash basis”.

These amendments took effect from 1st January, 2016. The Commissioner-General requests the general public particularly taxpayers in the informal sector, businesses, business owners, directors of finance, tax professionals, accounting staff, accountants, auditors, tax consultants, tax advisors and paymasters to take note and comply accordingly.

COMMISSIONER-GENERAL

GRA- INTEGRITY FAIRNESS SERVICE

Contact Us

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Tel: +233- (0) 302 675701-9/684363-686106/684363

Fax: +233- (0) 302 681163/664938

 

 

 

 

 

 

 

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