Gahanna’s primary source of General Fund revenue is our local income tax. Finally, the remaining $14,875 (the income above $40,125) is taxed at 22%, meaning that you will pay $3,272.50 on this income. Personal income tax rates. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. Tax tables in Ghana are simply a list of the relevent tax rates, fixed amounts and / or threholds used in the computation of tax in Ghana, the Ghana tax tables also include specific notes and guidance on the validity of scenarios (for example, qualifying criterea for specific tax relief / allowances) and notes of the calculation of phaseout of specific tax elements within each taxation group (dividends and corporation tax thresholds in Ghana for example). No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. The Tax tables below include the tax rates, thresholds and allowances included in the Ghana Tax Calculator 2020. Notable Corporate Income Tax Rate Changes in 2020; Country 2019 Tax Rate 2020 Tax Rate Change from 2019 to 2020; Africa. This part is useful for everybody. It makes up more than two-thirds of total General Fund revenue. The change in the tax brackets and personal relief will increase the net earnings of resident individuals and consequently result in a marginal decrease in taxes for the respective bands. Legislative Review ... • The overall GDP growth rate target for 2020 of 6.8% represents a 60 basis point increase over that of 2019 (based on the revised budget). 2. Enter Details . The Act was enacted to include a sixth income tax band for individual chargeable income above GHS120,000 1 per annum. (adsbygoogle = window.adsbygoogle || []).push({}); Taxes, including personal income tax, expenses and limitations are reviewed by the Government in Ghana periodically and typically updated each year. January 2020. 0%. The higher rate applies in any other case. New Tax Rates effective 1 st January, 2020. The government of Ghana is pursuing DTTs with various countries, including Nigeria, Qatar, Sweden, Syria, the United Arab Emirates, and the United States. 10% in any other case. The Finance Ministry and the Ghana Revenue Authority (GRA) have resolved to introduce critical measures to deepen tax revenue collection for 2020 and beyond. The Act was assented to by the President on 31 July 2018 and gazetted on 1 August 2018. Please note that your account has not been verified - unverified account will be deleted 48 hours after initial registration. The revised personal income tax band took effect from 1 January 2020.1 This tax is usual at a flat rate of 25%. The 2015 income tax act Ghana law (act 896 )was amended in 19 February 2016. 1. Consequently, it came into force on 1 August 2018. Ghana - Changes to Personal Income Tax Bands and Relief. Non-residents are liable to Ghanaian income tax on any income derived in Ghana from any trade, business, profession, or vocation, or which is derived from an employment exercised in Ghana. Income tax types in Ghana. Browse articles,  set up your interests, or Learn more. [xii] Income Tax Act, section 4 [xiii] Income Tax Act Regulations, 2016 (L.I. Enter Your Salary and the Ghana Salary Calculator will automatically produce a salary after tax illustration for you, simple. Overtime tax is computed as follows: Gh¢400 x 5% = Gh¢20. Since the last time you logged in our privacy statement has been updated. Data published Yearly by Revenue Authority. The tax rate applicable to the income of non-resident individuals remains set at 25 percent. Click anywhere on the bar, to resend verification email. Total – 18.5% of workers’ basic salary. Recent changes to Ghana’s personal income tax regime amend the tax bands for resident individuals and increase their personal relief deductions in arriving at taxable income. When tax policy in Ghana changes, the resultant tax tables also change. The Ghana Revenue Authority has announced the passage of the Income Tax (Amendment) Act, 2019 (Act 1007), which includes amendments to the individual income tax brackets and rates for 2020. This report covers changes to Ghana’s personal income tax regime. The revised personal income tax band took effect from 1 January 2020. Residents are subject to tax at rates ranging between 0% and 30% on the following annual graduated scale of income: 2020 Tax facts and figures The 2020 edition of our Tax Facts and Figures publication provides an overview of the direct and indirect tax regime of Ghana as at the date of this publication. Tax Update. New income tax law in Ghana. It is built using the latest Tax Rates from Ghana Revenue Authority ( GRA ).
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