Implementation Of New Amendments

GRA⋅Domestic Tax⋅Implementation Of New Amendments

The rate of Withholding Tax for the sale of unprocessed precious minerals has been reduced from three percent (3%) to one and a half percent (1½%).
The maximum turnover of individuals who qualify for presumptive tax under the Second Schedule to the Income Tax Act, 2015 (Act 896) has been increased to Five Hundred Thousand Ghana cedis (GH₵500,000).
The suspension of Vehicle Income Tax (VIT) payment for selected vehicles has been extended to cover the 1st and 2nd quarters of 2022. In addition, commuter vehicles in categories C1, C2, C3, C5, C7 and C9 have been included in the list of vehicles for the dispensation.
The suspension of Income Tax payments for selected self-employed individuals, using the Tax Stamp system has been extended to cover the 1st and 2nd quarters of 2022.

The Value Added Tax (VAT) flat rate for retailers of goods has been restricted to taxpayers whose turnover is Two Hundred Thousand Ghana cedis (GH₵200,000) and above, but not exceeding Five Hundred Thousand Ghana cedis (GH₵500,000).
The Value Added Tax zero-rating dispensation on African textile prints produced by local textile manufacturers has been extended to 31st December, 2023.

The Waiver of Penalties and Interest for outstanding debt as at 31st December, 2020 under the Penalty and Interest Waiver (Amendment) Act, 2021 (Act 1073) has been extended to 30th June, 2022.

Effective date of implementation of the amendments is 1^st January, 2022.

Copies of the various Amendments are available at the Assembly Press or on the GRA website: www.gra.gov.gh.

The general public is entreated to take note and be guided accordingly.