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Domestic Tax News

Filing of VAT/NHIL & CST Returns for February, 2016

HAVE YOU FILED YOUR VAT/NHIL & CST RETURNS FOR FEBRUARY, 2016?

DO YOU KNOW YOUR FEBRUARY 2016 RETURNS ARE DUE BY THURSDAY, 31ST MARCH, 2016 WHICH IS THE LAST WORKING DAY OF THE MONTH OF MARCH 2016?     

FILE YOUR VAT/NHIL & CST RETURNS EARLY AND AVOID PAYMENT OF PENALTIES.  FOR VAT/NHIL THE PENALTY IS FIVE HUNDRED GHANA CEDIS (GH¢500.00) AND A FURTHER PENALTY OF TEN GHANA CEDIS (GH¢10.00) PER DAY EACH DAY THE RETURN IS NOT SUBMITTED.

FOR CST OPERATORS, LATE FILING OF RETURNS ATTRACTS A PECUNIARY PENALTY OF TWO THOUSAND GHANA CEDIS (GH¢2,000) AND A FURTHER PENALTY OF FIVE HUNDRED GHANA CEDIS (GH¢500.00) EACH DAY THE RETURN IS NOT SUBMITTED.

REMEMBER TO SUBMIT THE FEBRUARY 2016 RETURNS FORMS NOT LATER THAN THURSDAY, 31ST MARCH, 2016 WHICH IS THE LAST WORKING DAY OF THE MONTH AND AVOID PAYING PENALTIES. 

FOR FURTHER INFORMATION, PLEASE CONTACT THE NEAREST DOMESTIC TAX REVENUE DIVISION OFFICE. 

 

COMMISSIONER-GENERAL

GRA- INTEGRITY FAIRNESS SERVICE

 

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Payment of Withholding Taxes – February, 2016

ALL WITHHOLDING TAX AGENTS TO NOTE

Are you aware that withholding taxes must be paid to the Domestic Tax Revenue Division (DTRD) of the Ghana Revenue Authority (GRA) by the 15th of every month?

Do you know that withholding taxes deducted from employment, payment for goods and services and all other withheld taxes for February 2016 are due by 15th March, 2016

Pay all withheld taxes on due dates.  All payments should be made with an accompanying schedule, in both hard and soft copies, indicating gross amount, the tax deducted and name(s) of taxpayer(s) from whom the taxes were withheld. 

Please be reminded that failure to pay the tax withheld on due date attracts a penalty of 20% (for not more than 3 months) and 30% (exceeding 3 months) in addition to the tax unpaid.

COMMISSIONER-GENERAL

GRA- INTEGRITY FAIRNESS SERVICE

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Submission of Self-Assessment Estimate for 2016 Year of Assessment

 The Commissioner-General of the Ghana Revenue Authority(GRA) wishes to bring to the attention of the general public particularly all Self-Assessed persons the following information on Annual Estimates under section 122(1), 2, and 5 of the Income Tax Act, 2015 (Act 896) which came into effect on 1st January,2016.

1. A person shall submit to the Commissioner-General his annual tax estimate by the due date for the payment of the first tax instalment for the year. This means for example, that all persons whose basis periods start from January to 31st December shall submit to the Commissioner-General their 2016 Year of Assessment Tax Estimate by 31st March, 2016.

2. The Return shall indicate an estimate of the assessable income of the person for the 2016 Year of Assessment from each employment, business and investment and the source of that income.

3. The estimate shall also indicate the chargeable income and the tax payable for that person for the 2016 Year of Assessment.

4. The estimate submitted for the 2016 Year of Assessment remains in force for the whole year unless the person submits a revised estimate together with a statement of reasons for the revision.

5. All taxpayers at the Large Taxpayer Office (LTO) and the Medium Taxpayer Offices (MTOs) whose basis period start from January to 31st December are therefore obliged and requested to submit their 2016 Year of Assessment estimate to the Commissioner-General by 31st March, 2016.

6. Annual Estimate forms are available on the GRA website www.gra.gov.gh 

COMMISSIONER-GENERAL

GRA- INTEGRITY FAIRNESS SERVICE

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Amendments to The Income Tax Act, 2015 (Act 896)

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

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

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

 

 

 

 

 

 

 

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