Section 3application of act 1 except where otherwise provided, the provisions of this code shall apply to all companies formed in ghana, whether before or after the commencement of this code, under the provisions of the companies ordinance, cap. Ghana s parliament has enacted the value added tax amendment act, 2017 act 948 to amend the value added tax act, 20 act 870. An act to amend and consolidate the laws relating to labour, employers, trade unions and industrial relations. The income tax amendment act, 2015 act 902, was assented to by ghana s president and published in the official gazette on 30 december 2015. Gra launch new income tax act, 2015 act 896 by anita frimpong. Final income tax act, 2015 gnbcc ghana netherlands. Ghana building code 2018 ghana standards authority. The companies act, 2019 act 992 has been in the works since 2018 and replaces the companies act, 1963 act 179.
An act to amend the income tax act, 2015 act 896 to provide for the exemption from tax. Income tax act, 2015 act 896 was passed in september 2015 to administer direct taxes. Vatnhil and withholding taxes have been made available for free usage faq. As the act did not specify any date of commencement, in accordance with the provisions of the constitution of the republic of ghana constitution, 1992, the act entered into force on its. Value added tax act, 20 act 870 arrangement of sections section imposition of tax 1. Your information will be kept confidential and we will not send spam. Ghanas constitution of 1992 with amendments through 1996.
In accordance with the income tax act, 2015 act 896, any investment income and capital gains with ghanaian source are subject to tax in ghana in the case of nonresidents. A number of acts of parliament of the republic of ghana govern the manner in which. A number of acts of parliament of the republic of ghana govern the manner in which taxes are administered in ghana. Income tax act, 2015 8 act 896 act of the parliament of the republic of ghana entitled income tax act, 2015 an act to provide for the imposition of income tax and for related purposes. Download the pdf for details on changes between the new act and old act.
Ghana s constitution of 1992 with amendments through 1996. New income tax law from january 2016 graphic online. Thus, in accordance with the provisions of the constitution of the republic of ghana constitution, 1992, the act entered into force on 1 september 2015, its date of publication. Pkf ghana is a member firm of the pkf international limited family of legally independent firms and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms.
The act was numbered 896 and published in the official gazette on 1 september 2015. It amends the income tax act, 2015 act 896 the principal enactment. Enjoy we have a huge base of hardcore and teen movies. Income tax act, 2015 act 896 datasets resourcedata. We provide answers to frequently asked questions by individuals and businesses in relation to taxation. Rate of the tax taxable person and taxable activity 4. Act 663, company, ghana, goods, public procurement act 2003. Some of the administrative provisions were common to the respective tax laws while. Act 883 the eight hundred and eightythird act of the parliament of the republic of ghana entitled national pensions amendment act, 2014 an act to amend the national pensions act, 2008 act 766 to reduce the age for exemption from. At a very high level, the new act seeks to introduce improved corporate governance standards for companies operating in ghana. Amendments to the income tax act, 2015 act 896 the commissionergeneral of the ghana revenue authority gra wishes to inform the general public that the following amendments have been made to the income tax act, 2015 act 896 by the income tax amendment act, 2019 act 1007.
Public lecture institute of chartered accountants, ghana. Where the law of a country requires a person who marries a citizen of that counry to renounce the citizenship of his own country by virtue of that marriage, a citizen of ghana who is deprived of his ciship of ghana by virtue of that marriage shall, on the dissolution. Act 766 national pensions act, 2008 schedule act of the parliament of the republic of ghana entitled national pensions act, 2008 an act to provide for pension reform in the country by the introduction of a contributory threetier pension scheme. It is intended to improve tax compliance and administration and broaden the countrys income tax base by rationalizing tax breaks. All income tax information is summarized by kpmg, the ghana. Tax administration in ghana this is all about the machinery put in place to determine, monitor and enforce the collection of taxes by government of a country. As the act did not specify any date of commencement, in accordance with the provisions of the. Part i imposition of income tax imposition of income tax 1. Revenue administration act, 2016 act 915 tax amnesty act, 2017 act 955 tax guide. This replaces the internal revenue act 2000 act 592, which was passed in 2001 and the various amendments to it. The amendment to act 896 introduces a provision on importers and manufacturers of excisable products under paragraph 10 of the first schedule to act 896.
Revenue administration bill, 2016 authorisation and protection of tax officers 2. The ghana revenue authority gra has outdoored a new tax law, income tax act 2015 act 896 in accra. Latest news and alerts delivered right to your inbox. Prior to the passage of the ghana revenue authority act, 2009 act 791, the three revenue agencies had their respective tax laws made up of the charging provisions and administrative provisions. Termination of employment under act 651, a contract of employment may be terminated by either party at any time. Residents who are citizens, however, are subject to tax on investment income and capital gains on their worldwide income. Labour act, 2003 international labour organization. The act consolidates existing income tax laws into a. Act 902 amends some provisions in act 896 the principal act. The ghana revenue authority will implement a new income tax law to replace the repealed internal revenue act, with effect from january 2016. The new income tax amendment by the parliament of ghana which takes effect on august 1st 2018. Gra launch new income tax act, 2015 act 896 modern ghana. Ghana revenue authority act 791 2009 value added tax act 870 20 income tax act 896 2015.
Income tax act 2015act 896 ghana revenue authority. The taxpayers identification numbering system act, 2002 act 632 repealed by act 915. The income tax act, 2015 act 896 comes into effect on 1st january 2016 to. Ghana enacts income tax amendments ey tax insights. Ghana has a new companies act the companies act 2019. Justice daniel francis kweipe annan was the first speaker of the parliament of the 4th republic of ghana. Remoral of incapacity to tstity from crime or mteresr 3. Except free zone enterprises, companies enjoying tax holidays to pay tax at 1%. The chargeable income of a free zone enterprise after the conces.
The president of the republic of ghana promulgated the income tax amendment act, 2016 act 907, the act. Ghana enacts income tax amendments ey united states. The act provides for the exemption from tax of interest paid to an individual by a resident financial institution or to an individual on bonds issued by the government of ghana. Except free zone enterprises, companies enjoying tax holidays to pay tax at 1 %. A ct 25 contracts act, 1960 arrangement of sections frustration of contracts 1. Revenue administration bill, 2016 local governance bill. Income tax act, 2015 act 896 this document is part of the source library for nrgis 2017 resource governance index, a comprehensive measure of the quality of natural resource governance in 81 oil, gas and mineralrich countries. Tax laws in ghana, ghana tax news, domestic tax news, income tax regulations. Passed by parliament and assented to by the president. Gra practice notes to income tax act, 2015 act 896. Revenue administration act, 2016 act 915 preamble an act to provide for the administration and collection of revenue by the ghana revenue authority and for related matters. Ghana revenue authority act, 2009 act 791 tax forms. However, where the contract of employment is for three 3 years or more, it may be terminated upon a months notice or a months pay in lieu of notice.