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Income Tax (Amendment) Act, 2022 🇬🇭


Coat of Arms
Republic of Ghana


The one thousand and eighty-fourth

Act

of the parliament of the republic of ghana
entitled

Income Tax (Amendment) Act, 2022

  • Published by Government Gazette on 12 September 2022
  • Commenced on 12 September 2022
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 Ilom 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 insertron after section 2, of"Minimum chargeable income2A.(1) Despite section 2, a person may be required to compute and pay tax on a mrnimum chargeable income of five per cent of turnover where the person has been declarrng losses for the…

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