Income Tax (Amendment) Act, 2023 🇬🇭

Ghana

Republic of Ghana

The one thousand and ninety-fourth

Act

of the parliament of the republic of ghana

entitled

Income Tax (Amendment) Act, 2023

Published by Government Gazette on 3 April 2023
Assented to on 3 April 2023
Commenced on 3 April 2023

AN ACT to amend the Income Tax Act, 2015 (Act 896) to revise the rates of income tax for individuals and introduce an additional income tax bracket; introduce a withholding tax rate on the realisation of assets and liabilities and on winnings from lottery; revise the treatment of foreign exchange losses; revise the upper limits for the quantification of motor vehicle benefits and provide for related matters.

1. Section 2A inserted

The Income Tax Act, 2015 (Act 896), referred to in this Act as the "principal enactment", is amended by the insertion after section 2, of2A. "Minimum chargeable income

(1)Despite section 2, a person may be required to compute and pay tax on a minimum chargeable income of five per cent of turnover where the person has been declari…

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