Chapter by chapter, from Albania to Zimbabwe, we summarize corporate tax systems in more than 160 jurisdictions. Entitlement is currently set to expire on 31 December 2020, but may be extended if a trade deal is agreed. outstanding tax. The Ghana Revenue Authority (GRA) is the government body mandated to collect and assess taxes. The Ghana Revenue Authority (GRA) wishes to remind all withholding tax agents including VAT withholding agents appointed by the Commissioner-General that withholding taxes must be paid to the Domestic Tax Revenue Division (DTRD) of the Ghana Revenue Authority (GRA) by the 15 th of every month. therefore be due by 15th February, 2020. For the first GHS 0-3132 per year, the tax exposed to it is 0%. The principal direct tax is income tax. Standard Rate Scheme (12.5%). Sequel to our August 2018 Tax update on the amendments to the Value Added Tax Act, 2013 (Act 870), National Health Insurance Act, 2012 (Act 852) and Ghana Education Trust Fund Act, 2000 (Act 581), the Ghana Revenue Authority (GRA) has issued Adminis-trative Guidelines on the implementation of the new VAT regime. Withholding taxes for April, 2020 will therefore be due by 15 th May, 2020. note that failure to pay tax on due date attracts an interest of 125% of the statutory rate, compounded monthly on the By continuing to browse this site you agree to the use of cookies. READ ALSO: Withholding tax in Ghana: current rates (2020) Who is required to register for VAT? Learn more from these guidelines which will help you comply with all tax requirements in Ghana. All rights reserved. Please contact for general WWTS inquiries and website support. Under the regime, designated entities are required to deduct part of VAT charge on payments to suppliers for taxable supplies. This means that at the point of export, individuals who purchase gold from unlicensed, small scale and artisanal miners are to provide evidence of payment of the appropriate taxes before the gold … By submitting your email address, you acknowledge that you have read the Privacy Statement and that you consent to our processing data in accordance with the Privacy Statement. Withholding tax does not apply to any distribution made by a REIT where tax has already been paid, on the income from which the distribution is made, by the trustee of the trust [Section 45G(4) of the Income Tax Act]. A partnership established under Ghanaian law and a member firm of the KPMG network of independent Thursday 28 th February 2019. The withholding tax rate may be reduced under a tax treaty. Friday 31 st May, 2019. Error! Withholding tax (WHT) rates WHT rates (%) (Div/Int/Roy) Resident: 8 / 8 / 15; Non-resident: 8 / 8 / 15; See Ghana's Corporate summary for a description of other WHTs. The Parliament of Ghana through this Amendment Act reduced the Communication Service Tax (CST) from 9% to 5% effective 15 September 2020. Friday 30 th August, 2019. over GHS 3,828 up to ‭5,028‬ - 5%‬‬. We understand your business and economic environment and we combine this with specialist tax knowledge to help you navigate complexity. If none of the exceptions apply, a payment of interest must be made after the deduction of WHT unless (or until) HMRC has given authorisation that the payment may be made gross (or with a reduced rate of WHT) because of the applicability of treaty relief for the recipient. Ghana Revenue Authority (GRA) wishes to remind all withholding tax agents including Tuesday 31 st December, 2019. … OF WITHHOLDING TAXES – JANUARY, 2020. Technical Service Fees. FEBRUARY, 2020 FALLS ON A WEEKEND, PAYMENT OF WITHHOLDING TAXES MUST BE AMENDMENTS TO THE INCOME TAX ACT, 2015 (ACT 896) The Commissioner-General 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). all withheld taxes on due dates. Corporate Tax Rate in Ghana averaged 25.74 percent from 2004 until 2020, reaching an all time high of 32.50 percent in 2004 and a record low of 25 percent in 2006. Navigate the tax, legal, and economic measures in response to COVID-19. Keep up-to-date on significant tax developments around the globe with EY’s Global Tax Alert library. The lower rate applies where the recipient holds at least 10% of the shares. and treatment of withholding income tax, taking into account the amendments vide the Finance Act, 2019 (the Act). Interest (excluding individuals and resident financial institutions), Rent (on residential properties as investment income), Rent (on commercial properties as investment income), Fees to lecturers, invigilators, examiners, part-time teachers, and endorsement fees, Commissions to insurance agents and sales persons, Fees, emoluments, and other benefits to a resident director, manager, or board member of a body of persons, Supply of services exceeding GHS 2,000 (payments to persons other than individuals), Payment to individuals for provision of services, Payment for unprocessed precious minerals, Royalties, natural resources payments, and rents, Management, consulting, and technical service fees, and endorsement fees, Income from telecommunication, shipping, and air transport.

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