{"id":3867,"date":"2023-05-22T18:51:08","date_gmt":"2023-05-22T18:51:08","guid":{"rendered":"https:\/\/wtsnobisfields.com\/?p=3867"},"modified":"2023-10-23T10:32:12","modified_gmt":"2023-10-23T10:32:12","slug":"information-rights-management","status":"publish","type":"post","link":"https:\/\/wtsnobisfields.com\/blog\/2023\/05\/22\/information-rights-management\/","title":{"rendered":"Information Rights Management"},"content":{"rendered":"
Ghana has made an amendment to the Income Tax Act, 2015 (Act 896)<\/p>\n
The Parliament of Ghana has passed the Income Tax (Amendment) Act 2023, Act 1094. The object of this amendment is to revise the rates of income tax for individuals and introduce an additional income tax bracket; introduce a withholding tax rate on the realization of assets and liabilities; unify the loss carried forward provisions regarding winnings from lottery; revise the treatment of foreign exchange losses; revise the taxable value for motor vehicle benefit; and increase the concessional income tax rates.<\/p>\n
The Income Tax (Amendment) 2023, Act 1094 was assented to by the President and gazetted on 3rd April, 2023. The Commissioner-General issued a notice dated 27 April 2023 to the effect that the effective date of implementation of the amendment is 1 May 2023<\/p>\n
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In this alert, we highlight the key areas of the law below:<\/p>\n
<\/p>\n
Minimum chargeable income<\/strong><\/p>\n Addition of winnings from lottery to income from investment<\/strong><\/p>\n Unification of deduction of unrelieved loss<\/strong><\/p>\n Tax treatment of foreign exchange gains or loss<\/strong><\/p>\n Submission of return for gains on the realization of assets and liabilities<\/strong><\/p>\n Taxation of retirement fund<\/strong><\/p>\n due to the Novel Coronavirus pandemic or the current economic hardship is exempt from income tax for 2023.<\/p>\n Taxation of Lottery Operations.<\/strong><\/p>\n Withholding in relation to the realization of asset or liability<\/strong><\/p>\n Free Zone Companies<\/strong><\/p>\n Rates of income tax for individuals.<\/strong><\/p>\n From the annual tax rates, the monthly instalment rates are set out below:<\/p>\n <\/p>\n Rate of tax on persons entitled to concessions in the sixth schedule.<\/strong><\/p>\n Motor vehicle benefits.<\/strong><\/p>\n Takeaway<\/strong><\/p>\n Ghana has made an amendment to the Income Tax Act, […]<\/p>\n","protected":false},"author":3,"featured_media":3868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,94,4,104,6],"tags":[],"_links":{"self":[{"href":"https:\/\/wtsnobisfields.com\/wp-json\/wp\/v2\/posts\/3867"}],"collection":[{"href":"https:\/\/wtsnobisfields.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wtsnobisfields.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wtsnobisfields.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/wtsnobisfields.com\/wp-json\/wp\/v2\/comments?post=3867"}],"version-history":[{"count":8,"href":"https:\/\/wtsnobisfields.com\/wp-json\/wp\/v2\/posts\/3867\/revisions"}],"predecessor-version":[{"id":3871,"href":"https:\/\/wtsnobisfields.com\/wp-json\/wp\/v2\/posts\/3867\/revisions\/3871"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wtsnobisfields.com\/wp-json\/wp\/v2\/media\/3868"}],"wp:attachment":[{"href":"https:\/\/wtsnobisfields.com\/wp-json\/wp\/v2\/media?parent=3867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wtsnobisfields.com\/wp-json\/wp\/v2\/categories?post=3867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wtsnobisfields.com\/wp-json\/wp\/v2\/tags?post=3867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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\n No.<\/th>\n Chargeable Income<\/th>\n Rate of Tax<\/th>\n<\/tr>\n \n 1<\/td>\n First GHS 4,824.00<\/td>\n Nil<\/td>\n<\/tr>\n \n 2<\/td>\n Next GHS 1,320.00<\/td>\n 5%<\/td>\n<\/tr>\n \n 3<\/td>\n Next GHS 1,560.00<\/td>\n 10%<\/td>\n<\/tr>\n \n 4<\/td>\n Next GHS 36,000.00<\/td>\n 17.5%<\/td>\n<\/tr>\n \n 5<\/td>\n Next GHS 196,740.00<\/td>\n 25%<\/td>\n<\/tr>\n \n 6<\/td>\n Next GHS 359,556.00<\/td>\n 30%<\/td>\n<\/tr>\n \n 7<\/td>\n Exceeding GHS 600,000.00<\/td>\n 35%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \n\n
\n Rate<\/th>\n Next Chargeable income<\/th>\n Cumulative income<\/th>\n Tax<\/th>\n Cumulative tax<\/th>\n<\/tr>\n \n First<\/td>\n 0<\/td>\n 402<\/td>\n 0<\/td>\n 0<\/td>\n<\/tr>\n \n 5%<\/td>\n 110<\/td>\n 512<\/td>\n 5.50<\/td>\n 5.50<\/td>\n<\/tr>\n \n 10%<\/td>\n 130<\/td>\n 642<\/td>\n 13.00<\/td>\n 18.50<\/td>\n<\/tr>\n \n 17.5%<\/td>\n 3,000<\/td>\n 3,642<\/td>\n 525.00<\/td>\n 543.50<\/td>\n<\/tr>\n \n 25.0%<\/td>\n 16,395<\/td>\n 20,037<\/td>\n 4,098.75<\/td>\n 4,642.25<\/td>\n<\/tr>\n \n 30.0%<\/td>\n 29,963<\/td>\n 50,000<\/td>\n 8,988.90<\/td>\n 13,631.15<\/td>\n<\/tr>\n \n Exceeding<\/td>\n 35.0%<\/td>\n 50,000<\/td>\n <\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \n
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