Business News of Tuesday, 11 January 2022
Source: www.ghanaweb.live
2022-01-11Zero tax on workers who receive salary of GH¢365 and below – GRA
Income tax amendment Act is to review income tax for individuals
Withholding tax for unprocessed gold to be reduced amendment
Those who earn below GH¢4,380 annually will not be taxed-GRA
Employees who earn below GH¢365 as monthly salary or GH¢4,380 as annual salary will not have to pay tax the Ghana Revenue Authority has stated.
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The Authority in a Twitter post on Monday, January 10, 2022, explained that the decision is pursuant to Income Tax (Amendment) (No. 2) Act 2021. (Act 1071).
The Act is “to amend the Income Tax Act, 2015 (Act 896) to review the rates of income tax for individuals; to reduce the withholding tax rate for sale of unprocessed gold by small scale miners; to increase the threshold for an individual to whom the presumptive tax under the Modified Taxation Scheme applies; to extend the COVID-19 concessions granted in 2021 for further six months in 2022 and to provide for related matters,” it noted.
The Act was assented to by President Nana Addo Dankwa Akufo-Addo on December 30, 2021, after it was passed by Parliament.
In June last year, the National Tripartite Committee announced that the National Minimum Daily Wage will be revised to GH¢13.53 effective January 1, 2022.
TWI NEWS
Below is the Income Tax (Amendment) (No. 2) Act 2021. (Act 1071):
