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Implementation Of New Amendments

GRADomestic TaxImplementation Of New Amendments

Implementation Of New Amendments In The 2022 Budget Statement And Economic Policy

The Commissioner-General of the Ghana Revenue Authority (GRA) wishes to notify the general public that the following Tax Laws (Amendments) have been duly passed by Parliament:

  • Income Tax (Amendment) (No. 2) Act, 2021 (Act 1071)
  • Value Added Tax (Amendment) Act, 2021 (Act 1072)
  • Penalty and Interest Waiver (Amendment) Act, 2021 (Act 1073)

1. Income Tax (Amendment) (No. 2) Act, 2021 (Act 1071)

1. Income Tax (Amendment) (No. 2) Act, 2021 (Act 1071)

  • 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.

2. Value Added Tax (Amendment) Act, 2021 (Act 1072)

  • 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.

3. Penalty and Interest Waiver (Amendment) Act, 2021 (Act 1073)

  • 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.
Note

Effective date of implementation of the amendments is 1st 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.

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