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Corporate Income Tax

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GRABusinessCorporate Income Tax

Corporate Income Tax (CIT)

It is a tax charged on a company’s total income sources at the end of the company’s accounting income year. 

Companies pay tax on their business and investment income also known as gains and profits, which does not include expenses made to obtain the income.

The tax rate applicable to a company depends on the industry as follows:

Item Rate%

Income of a Trust

25

Company principally engaged in the hotel industry

22

Company engaged in the export of non- traditional exports

8

Financial institutions from loans granted to farming enterprises

20

Financial institutions from loans granted to a leasing company

20

Manufacturing companies located in regional capitals  (except Accra & Tema)

18.5

Manufacturing companies located outside Accra, Tema and the regional capitals

12.5

Free Zone Enterprises after 10 years tax holiday (on domestic sales)

25

Free Zone Enterprises after 10 years tax holiday (on export of goods and services)

15

Petroleum income tax

35

Mineral income tax

35

The following businesses pay 1% tax during their tax holidays. These businesses pay the actual tax rates after their tax holidays.

Item Rate%

Agro processing business conducted wholly in the country for the first five (5) years

25

Cocoa-by product business wholly in the country for the first five (5) years.

25

Tree crop farming for the first  ten (10) years

25

Cash crops or livestock( excluding cattle) for first 5 years

25

Cattle farming for first 10 years

25

Waste processing business for first 7 years

25

Income derived from a certified low cost housing company low cost housing company

25

Young entrepreneurs who are into businesses such as manufacturing, information and communication technology, agro processing, energy production, waste processing, tourism and creative arts, horticulture and medicinal plants have five years tax holidays and after five years the following rates apply

Item Rate%

Accra and Tema

15

Other regional capitals outside Tema and Accra

12.5

Outside, Accra, Tema and other regional capitals

10

The three northern regions

5