This is the total assessable income minus the total reliefs.
This is the sum of the basic salary, cash allowances, other allowances including non-cash benefits and excess bonus (if any)
Social Security Fund (SSF) (1st Tier Employer): A mandatory basic contribution of 13% of Employees basic salary, paid by employer but managed by the Social Security and National Insurance Trust (SSNIT).
Social Security Fund (1st Tier Employee): A mandatory basic contribution of 5.5% from Employees basic salary, managed by SSNIT
Approved Trustee (2nd Tier): A mandatory 5% contribution of an employee’s basic salary, privately managed by an approved trustee.
Provident Fund (3rd Tier): A voluntary fully-funded and privately managed Provident Fund and Personal Pension Plan which does not exceed 16.5%.
Contributions and Donations To a Worthwhile Cause: Subject to approval from the Commissioner General and backed by evidence, GRA allows contributions and donations to a worthwhile cause.
Tax on Overtime: Overtime rate is applicable to employees who are junior staff and their qualifying employment income including profits and gains to be taxed in the year is not more than Gh¢18,000. The tax is charged up to 50% of the basic salary at a rate of 5%. If the overtime paid is more than 50% of the employee’s monthly basic salary, the excess of the 50% is taxed at 10%.
Tax on Bonus: This is 5% tax charged on the total bonus up to 15% of an individual’s basic salary. Any amount in excess is added to the total cash emoluments.
Excess Bonus: This is the difference between an employee’s total bonus and 15% of basic salary of the person. This amount is added to the total cash emoluments and taxed at the graduated tax rates.
Total Assessable Income: This is the total of an individual’s income from employment (basic salary, cash allowances, other allowances including non-cash benefits and excess bonus [if any]), business and investments.
Total Reliefs: A relief is an allowance given to a resident individual to reduce his or her tax burden. This includes the mandatory Social Security Fund contribution of 5.5%, and other deductible reliefs such as marriage and responsibility, child education, old age reliefs etc. These reliefs are applicable on application to the Commissioner General.
Chargeable Income: The chargeable income of a person is the total of the assessable income of that person from employment, business or investment less the total amount of that person’s allowable deductions.
|Range||Chargeable Income(Gh₵)||Rate(%)||Tax Charged(Gh₵)||Cummlative Chargeable