{"id":1473,"date":"2019-10-02T05:30:02","date_gmt":"2019-10-02T05:30:02","guid":{"rendered":"http:\/\/firmusnew.local\/?p=939"},"modified":"2019-10-02T05:30:02","modified_gmt":"2019-10-02T05:30:02","slug":"taxes-in-ghana-all-you-need-to-know","status":"publish","type":"post","link":"https:\/\/firmusadvisory.com\/de\/taxes-in-ghana-all-you-need-to-know\/","title":{"rendered":"Taxation In Ghana: All You Need To Know"},"content":{"rendered":"<p><span style=\"font-size: 18pt\"><strong><span style=\"font-family: georgia, palatino, serif\">Taxes in Ghana<\/span><\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400\">If you are an established business operating in Ghana, one of your key obligations is to pay your taxes. Calculating taxes can be tedious, even more so if you are not sure about the rates and percentages. But the big deal here is that you still have to pay them. Hence, you should know the various taxes to pay and the rates.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This article details everything you need to know about tax registration, tax rates, tax incentives, withholding taxes, income taxes, monthly tax filings, and audits in Ghana. Learn more from these guidelines that will help you comply with all tax requirements in Ghana.<\/span><\/p>\n<p><a style=\"font-family: georgia, palatino, serif;font-size: 12pt\" href=\"https:\/\/firmusadvisory.com\/wp-content\/uploads\/sites\/6\/2017\/11\/wallet-2292428_1920-1-1.jpg\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-941\" src=\"https:\/\/firmusadvisory.com\/wp-content\/uploads\/sites\/6\/2017\/11\/wallet-2292428_1920-1-1-1024x683.jpg\" alt=\"\" width=\"723\" height=\"482\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><b>Tax registration<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">All businesses are required to register with the Ghana Revenue Authority (GRA).<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Businesses exempted from corporate tax are still required to register their business with the GRA to pay income tax.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">All businesses registering with the GRA, must do so at the nearest GRA district office closest to the project location.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">To register your company with the GRA, the following documents are required;<\/span><\/li>\n<\/ol>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Completed corporate tax registration forms<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">VAT registration forms (If Applicable)<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Resume of all directors of the company<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Pictorial delineation of the project\/office location<\/span><\/li>\n<\/ul>\n<ol>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">A provisional tax assessment is raised on all businesses yearly, including new business registrations.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">For new business tax registration, provisional tax assessment is determined by the GRA office in consideration of the objects of the business, stated capital and the nationality of the shareholders.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">All companies liable for tax in Ghana are required to pay provisional tax quarterly.<\/span><\/li>\n<\/ol>\n<p><b>Tax Rates and Incentives<\/b><\/p>\n<p><span style=\"font-weight: 400\">Annual income tax rates (Effective January 2022) \u2013\u00a0<\/span><b>Find below<\/b><\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<table>\n<tbody>\n<tr>\n<td><b>Year 2022<\/b><\/td>\n<td><b>Chargeable Income GH\u00a2<\/b><\/td>\n<td><b>Rate %<\/b><\/td>\n<td><b>Tax Payable GH\u00a2<\/b><\/td>\n<td><b>Cumulative Income GH\u00a2<\/b><\/td>\n<td><b>Cumulative Tax GH\u00a2<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">\u00a0First<\/span><\/td>\n<td><span style=\"font-weight: 400\">365<\/span><\/td>\n<td><span style=\"font-weight: 400\">0<\/span><\/td>\n<td><span style=\"font-weight: 400\">0<\/span><\/td>\n<td><span style=\"font-weight: 400\">365<\/span><\/td>\n<td><span style=\"font-weight: 400\">0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">\u00a0Next<\/span><\/td>\n<td><span style=\"font-weight: 400\">110<\/span><\/td>\n<td><span style=\"font-weight: 400\">5<\/span><\/td>\n<td><span style=\"font-weight: 400\">5.5<\/span><\/td>\n<td><span style=\"font-weight: 400\">475<\/span><\/td>\n<td><span style=\"font-weight: 400\">5.5<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Next<\/span><\/td>\n<td><span style=\"font-weight: 400\">130<\/span><\/td>\n<td><span style=\"font-weight: 400\">10<\/span><\/td>\n<td><span style=\"font-weight: 400\">13.00<\/span><\/td>\n<td><span style=\"font-weight: 400\">605<\/span><\/td>\n<td><span style=\"font-weight: 400\">18.5<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Next<\/span><\/td>\n<td><span style=\"font-weight: 400\">3,000.00<\/span><\/td>\n<td><span style=\"font-weight: 400\">17.5<\/span><\/td>\n<td><span style=\"font-weight: 400\">525<\/span><\/td>\n<td><span style=\"font-weight: 400\">3,605.00<\/span><\/td>\n<td><span style=\"font-weight: 400\">543.5<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Next<\/span><\/td>\n<td><span style=\"font-weight: 400\">16,395.00<\/span><\/td>\n<td><span style=\"font-weight: 400\">25<\/span><\/td>\n<td><span style=\"font-weight: 400\">4,098.75<\/span><\/td>\n<td><span style=\"font-weight: 400\">20,000.00<\/span><\/td>\n<td><span style=\"font-weight: 400\">4,642.25<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Exceeding<\/span><\/td>\n<td><span style=\"font-weight: 400\">20,000.00<\/span><\/td>\n<td><span style=\"font-weight: 400\">30<\/span><\/td>\n<td><span style=\"font-weight: 400\">\u00a06,000<\/span><\/td>\n<td><span style=\"font-weight: 400\">\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400\">\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400\">Monthly income tax rates (Effective January 2022) \u2013<\/span><b>\u00a0Find below<\/b><\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<table>\n<tbody>\n<tr>\n<td><b>Year 2022<\/b><\/td>\n<td><b>Chargeable Income GH\u00a2<\/b><\/td>\n<td><b>Rate %<\/b><\/td>\n<td><b>Tax Payable GH\u00a2<\/b><\/td>\n<td><b>Cumulative Income GH\u00a2<\/b><\/td>\n<td><b>Cumulative Tax GH\u00a2<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">\u00a0First<\/span><\/td>\n<td><span style=\"font-weight: 400\">4,380<\/span><\/td>\n<td><span style=\"font-weight: 400\">0<\/span><\/td>\n<td><span style=\"font-weight: 400\">0<\/span><\/td>\n<td><span style=\"font-weight: 400\">4380<\/span><\/td>\n<td><span style=\"font-weight: 400\">0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">\u00a0Next<\/span><\/td>\n<td><span style=\"font-weight: 400\">1,320<\/span><\/td>\n<td><span style=\"font-weight: 400\">5<\/span><\/td>\n<td><span style=\"font-weight: 400\">66<\/span><\/td>\n<td><span style=\"font-weight: 400\">5,700<\/span><\/td>\n<td><span style=\"font-weight: 400\">66<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Next<\/span><\/td>\n<td><span style=\"font-weight: 400\">1,560<\/span><\/td>\n<td><span style=\"font-weight: 400\">10<\/span><\/td>\n<td><span style=\"font-weight: 400\">156<\/span><\/td>\n<td><span style=\"font-weight: 400\">7,260<\/span><\/td>\n<td><span style=\"font-weight: 400\">222<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Next<\/span><\/td>\n<td><span style=\"font-weight: 400\">36,000<\/span><\/td>\n<td><span style=\"font-weight: 400\">17.5<\/span><\/td>\n<td><span style=\"font-weight: 400\">6,300<\/span><\/td>\n<td><span style=\"font-weight: 400\">43,260<\/span><\/td>\n<td><span style=\"font-weight: 400\">6,522<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Next<\/span><\/td>\n<td><span style=\"font-weight: 400\">196,740<\/span><\/td>\n<td><span style=\"font-weight: 400\">25<\/span><\/td>\n<td><span style=\"font-weight: 400\">49,185<\/span><\/td>\n<td><span style=\"font-weight: 400\">240,000<\/span><\/td>\n<td><span style=\"font-weight: 400\">55,707<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Exceeding<\/span><\/td>\n<td><span style=\"font-weight: 400\">240,000<\/span><\/td>\n<td><span style=\"font-weight: 400\">30<\/span><\/td>\n<td><span style=\"font-weight: 400\">\u00a072,000<\/span><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Reliefs in the fifth Schedule have been revised as follows:<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400\">A relief is an allowance given to a resident individual to reduce his or her tax burden.<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Type Of Reliefs<\/b><\/td>\n<td><b>Current\u00a0Relief\u00a0GH<\/b><b>\u20b5<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Marriage \/ Responsibility<\/b><\/td>\n<td><span style=\"font-weight: 400\">1,200 per Year<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Old Age\u00a0(Granted persons age 60 years and above)<\/b><\/td>\n<td><span style=\"font-weight: 400\">1,500 per Year<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Child Education\u00a0(Granted for a maximum of 3 children enrolled in recognised registered educational institutions in the country).<\/b><\/td>\n<td><span style=\"font-weight: 400\">600 per Child per Year<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Aged Dependant Relative\u00a0(Granted for up to two (2) dependant relatives of 60 years or more.<\/b><\/td>\n<td><span style=\"font-weight: 400\">1,000 per Year<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Professional Training Relief<\/b><\/td>\n<td><span style=\"font-weight: 400\">2,000 per Year<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The general Corporate Income Tax rate is 25%. However, contemporary rates are depending on the nature of business carried out by an entity, the location of the business and the specific industry in which it operates.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<table style=\"height: 767px\" width=\"790\">\n<tbody>\n<tr>\n<td><\/td>\n<td><b>Rate%<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Income of a Trust<\/span><\/td>\n<td><span style=\"font-weight: 400\">25<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Company principally engaged in the hotel industry<\/span><\/td>\n<td><span style=\"font-weight: 400\">22<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Company engaged in the export of non-traditional exports<\/span><\/td>\n<td><span style=\"font-weight: 400\">8<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Financial institutions from loans granted to farming enterprises<\/span><\/td>\n<td><span style=\"font-weight: 400\">20<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Financial institutions from loans granted to a leasing company<\/span><\/td>\n<td><span style=\"font-weight: 400\">20<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Manufacturing companies located in regional capitals\u00a0 (except Accra &amp; Tema)<\/span><\/td>\n<td><span style=\"font-weight: 400\">18.5<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Manufacturing companies located outside Accra, Tema and the regional capitals<\/span><\/td>\n<td><span style=\"font-weight: 400\">12.5<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Free Zone Enterprises after 10 years tax holiday (on domestic sales)<\/span><\/td>\n<td><span style=\"font-weight: 400\">25<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Free Zone Enterprises after 10 years tax holiday (on the export of goods and services)<\/span><\/td>\n<td><span style=\"font-weight: 400\">15<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Petroleum income tax<\/span><\/td>\n<td><span style=\"font-weight: 400\">35<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Mineral income tax<\/span><\/td>\n<td><span style=\"font-weight: 400\">35<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Tax filings<\/b><\/p>\n<p><span style=\"font-weight: 400\">All companies are required to file their monthly and annual tax returns.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">VAT \u2013 30<\/span><span style=\"font-weight: 400\">th<\/span><span style=\"font-weight: 400\">\u00a0of the month<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Income tax (PAYE) \u2013 15<\/span><span style=\"font-weight: 400\">th<\/span><span style=\"font-weight: 400\">\u00a0of the month<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Withholding tax \u2013 15<\/span><span style=\"font-weight: 400\">th<\/span><span style=\"font-weight: 400\">\u00a0of the month<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Annual audited financial statement \u2013 not later than 30<\/span><span style=\"font-weight: 400\">th<\/span><span style=\"font-weight: 400\">\u00a0 April of the year.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Penalty for late filing of tax returns are<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">VAT \u2013 After the last working day, you will pay Ghc500. Any additional day is Gh<\/span><span style=\"font-weight: 400\">\u20b5<\/span><span style=\"font-weight: 400\">10.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Withholding tax \u2013 After 15<\/span><span style=\"font-weight: 400\">th<\/span><span style=\"font-weight: 400\">\u00a0you pay Gh<\/span><span style=\"font-weight: 400\">\u20b5<\/span><span style=\"font-weight: 400\">500. Any additional day is Gh<\/span><span style=\"font-weight: 400\">\u20b5<\/span><span style=\"font-weight: 400\">10<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Income tax \u2013 After each quarter (March, June, September, December), you pay Gh<\/span><span style=\"font-weight: 400\">\u20b5<\/span><span style=\"font-weight: 400\">500. Any additional day is Gh<\/span><span style=\"font-weight: 400\">\u20b5<\/span><span style=\"font-weight: 400\"> 10.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Annual financial statements \u2013 After the last working day of April, you will pay Gh<\/span><span style=\"font-weight: 400\">\u20b5<\/span><span style=\"font-weight: 400\">500. Any additional day is Gh<\/span><span style=\"font-weight: 400\">\u20b5<\/span><span style=\"font-weight: 400\">10.<\/span><\/li>\n<\/ul>\n<p><b>Tax audits<\/b><\/p>\n<p><span style=\"font-weight: 400\">From time to time, the GRA may initiate a company audit. In that audit, the company will have to supply the following relevant company source documents;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">VAT invoice books<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Copies of VAT monthly filings<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Bank statements<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">PAYE receipts<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Cashbook<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Sales books<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Copies of payment receipts for general and operational expenses<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Custom import documents as evidence for importation<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Asset register<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Trial balance<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">During an audit, the tax officers typically assess whether the source documents agree with the audited financial statement that has been submitted to the GRA. Specifically;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">VAT invoices must agree with the Monthly VAT filings<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Monthly VAT filings must agree with the reported Annual turnover figure in the financial statement<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The annual turnover figure must correspond with the company\u2019s sales book and bank statement sales deposits.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The expenses in the Profit and Loss statement must be traced to the cash book, with supported payment receipts accordingly<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The salaries and wages figure in the Profit and Loss tally with the PAYE filings<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">All acquisitions of new assets must be evidenced by appropriate receipts and the asset register, and shown in the balance sheet as well.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<p><b>Withholding taxes in Ghana<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The following incomes are subject to withholding tax at the rates specified in the table below;<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\"> Income<\/span><\/td>\n<td><span style=\"font-weight: 400\">Rate %<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Dividends<\/span><\/td>\n<td><span style=\"font-weight: 400\">8<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Interest (excluding individuals and resident financial institutions)<\/span><\/td>\n<td><span style=\"font-weight: 400\">8<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Rent on residential properties<\/span><\/td>\n<td><span style=\"font-weight: 400\">8<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Rent on non-residential properties<\/span><\/td>\n<td><span style=\"font-weight: 400\">15<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Fees to resident individuals as invigilators, examiners and part-time teachers or lecturers, and endorsement fees to individuals<\/span><\/td>\n<td><span style=\"font-weight: 400\">10<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Fees or allowances to directors, managers, board members and trustees who are resident individuals<\/span><\/td>\n<td><span style=\"font-weight: 400\">20<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Commission to insurance, sales, canvassing and lotto agents who are individuals<\/span><\/td>\n<td><span style=\"font-weight: 400\">10<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Supply of services by an entity exceeding GH\u00a22,000 per annum<\/span><\/td>\n<td><span style=\"font-weight: 400\">7.5<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Supply of general services by an individual<\/span><\/td>\n<td><span style=\"font-weight: 400\">7.5<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Supply of goods exceeding GH\u00a22,000 per annum<\/span><\/td>\n<td><span style=\"font-weight: 400\">3<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Supply of works exceeding GH\u00a22,000 per annum<\/span><\/td>\n<td><span style=\"font-weight: 400\">5<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Payments to petroleum subcontractors<\/span><\/td>\n<td><span style=\"font-weight: 400\">7.5<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Payments for unprocessed precious minerals<\/span><\/td>\n<td><span style=\"font-weight: 400\">3<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Royalty, natural resource payments<\/span><\/td>\n<td><span style=\"font-weight: 400\">15<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<table style=\"height: 618px\" width=\"756\">\n<tbody>\n<tr>\n<td><b>Income (Non-Residents)<\/b><\/td>\n<td><b>Rate%<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Dividends<\/span><\/td>\n<td><span style=\"font-weight: 400\">8<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Management and technical service fees<\/span><\/td>\n<td><span style=\"font-weight: 400\">20<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Goods, works or any services<\/span><\/td>\n<td><span style=\"font-weight: 400\">20<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Royalties, natural resources payments and rents<\/span><\/td>\n<td><span style=\"font-weight: 400\">15<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Income from telecommunication and transportation business<\/span><\/td>\n<td><span style=\"font-weight: 400\">15<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Payments to petroleum subcontractors<\/span><\/td>\n<td><span style=\"font-weight: 400\">15<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Repatriated branch after tax profits<\/span><\/td>\n<td><span style=\"font-weight: 400\">8<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Interest income (excluding individuals)<\/span><\/td>\n<td><span style=\"font-weight: 400\">8<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">General insurance premiums<\/span><\/td>\n<td><span style=\"font-weight: 400\">5<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<p><b>Excise tax stamp<\/b><\/p>\n<p><span style=\"font-weight: 400\">The Excise Tax Stamp is a specially designed stamp with digital and other security features which is affixed on excisable goods to show that taxes and duties have been paid or would be paid. The stamp is affixed on specified excisable goods in Ghana whether locally manufactured or imported.<\/span><\/p>\n<p><b>Products that Attract Excise Tax Stamp<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Cigarettes and other tobacco products;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Alcoholic beverages bottled, canned, contained in kegs for sale or packaged in any other form;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Non-alcoholic carbonated beverages bottled, canned or packaged in any other form.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Bottled Water etc.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Any other excisable product prescribed by the Finance Minister.<\/span><\/li>\n<\/ul>\n<p><b>VAT<\/b><\/p>\n<table style=\"height: 716px\" width=\"789\">\n<tbody>\n<tr>\n<td colspan=\"3\"><b>Value Added Tax<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Taxable Supplies<\/span><\/td>\n<td><span style=\"font-weight: 400\">Standard Rate<\/span><\/td>\n<td><span style=\"font-weight: 400\">15%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Taxable Supplies<\/span><\/td>\n<td><span style=\"font-weight: 400\">Exports<\/span><\/td>\n<td><span style=\"font-weight: 400\">0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Taxable Supplies<\/span><\/td>\n<td><span style=\"font-weight: 400\">Retailers and Wholesalers<\/span><\/td>\n<td><span style=\"font-weight: 400\">3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\"><b>National Health Insurance Levy<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Taxable Supplies<\/span><\/td>\n<td><span style=\"font-weight: 400\">Standard Rate<\/span><\/td>\n<td><span style=\"font-weight: 400\">2.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\"><b>Ghana Education Trust Fund Levy<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Taxable Supplies<\/span><\/td>\n<td><span style=\"font-weight: 400\">Standard Rate<\/span><\/td>\n<td><span style=\"font-weight: 400\">2.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\"><b>Covid-19 Levy<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Taxable Supplies<\/span><\/td>\n<td><span style=\"font-weight: 400\">Standard Rate<\/span><\/td>\n<td><span style=\"font-weight: 400\">1%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400\">Illustration (Calculating VAT)<\/span><\/p>\n<p><span style=\"font-weight: 400\">Value of Taxable Supplies\u00a0\u00a0\u00a0\u00a0 = \u00a0\u00a0\u00a0Ghc 12,000<\/span><\/p>\n<p><span style=\"font-weight: 400\">NHIL\u00a0\u00a0 =\u00a0 Ghc 12,000 * 2.5% =\u00a0\u00a0 Ghc\u00a0\u00a0 300<\/span><\/p>\n<p><span style=\"font-weight: 400\">GETFL = Ghc 12,000 * 2.5% = \u00a0\u00a0Ghc\u00a0\u00a0 300<\/span><\/p>\n<p><span style=\"font-weight: 400\">COVID-19 LEVY = Ghc 12,000 * 1% = Ghc 120<\/span><\/p>\n<p><span style=\"font-weight: 400\">Subtotal\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Ghc\u00a0\u00a0 12,720.00<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">VAT = Ghc 12,720 * 15%\u00a0\u00a0 =\u00a0\u00a0 Ghc 1,908.00<\/span><\/p>\n<p><span style=\"font-weight: 400\">Total Amount \u00a0to be paid to GRA = NHIL + GETFL + VAT<\/span><\/p>\n<p><span style=\"font-weight: 400\">= Ghc (300 + 300 + 120+ 1,908)<\/span><\/p>\n<p><span style=\"font-weight: 400\">= Ghc 2,628.00<\/span><\/p>\n<p>var 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in Ghana If you are an established business operating in Ghana, one of your key obligations is to pay your taxes. Calculating taxes can be tedious, even more so if you are not sure about the rates and percentages. But the big deal here is that you still have to pay them. Hence, you [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"editor_notices":[],"footnotes":""},"categories":[9],"tags":[33,34,35,18],"coauthors":[239],"class_list":["post-1473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-compliance","tag-business-registration","tag-compliance-in-ghana","tag-firmus-advisory","tag-ghana"],"yoast_head":"\n<title>Taxation in Ghana - All you need to know<\/title>\n<meta name=\"description\" content=\"Everything pertaining to tax registration, rates, tax incentives, withholding taxes, income taxes, monthly tax filings, and audits in Ghana.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/firmusadvisory.com\/de\/taxes-in-ghana-all-you-need-to-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Taxation In Ghana: All You Need To Know\" \/>\n<meta property=\"og:description\" content=\"Everything pertaining to tax registration, rates, tax incentives, withholding taxes, income taxes, monthly tax filings, and audits in Ghana.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/firmusadvisory.com\/de\/taxes-in-ghana-all-you-need-to-know\/\" \/>\n<meta property=\"og:site_name\" content=\"Firmus Advisory German\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-02T05:30:02+00:00\" \/>\n<meta name=\"author\" content=\"sasare\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"sasare\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/firmusadvisory.com\\\/de\\\/taxes-in-ghana-all-you-need-to-know\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/firmusadvisory.com\\\/de\\\/taxes-in-ghana-all-you-need-to-know\\\/\"},\"author\":{\"name\":\"sasare\",\"@id\":\"https:\\\/\\\/firmusadvisory.com\\\/de\\\/#\\\/schema\\\/person\\\/1e3b55c0ea0c68e97cfab160a1af090f\"},\"headline\":\"Taxation In Ghana: All You Need To Know\",\"datePublished\":\"2019-10-02T05:30:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/firmusadvisory.com\\\/de\\\/taxes-in-ghana-all-you-need-to-know\\\/\"},\"wordCount\":1184,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/firmusadvisory.com\\\/de\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/firmusadvisory.com\\\/de\\\/taxes-in-ghana-all-you-need-to-know\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"keywords\":[\"Business registration\",\"Compliance in Ghana\",\"Firmus Advisory\",\"Ghana\"],\"articleSection\":[\"Business Regulatory Compliance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/firmusadvisory.com\\\/de\\\/taxes-in-ghana-all-you-need-to-know\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/firmusadvisory.com\\\/de\\\/taxes-in-ghana-all-you-need-to-know\\\/\",\"url\":\"https:\\\/\\\/firmusadvisory.com\\\/de\\\/taxes-in-ghana-all-you-need-to-know\\\/\",\"name\":\"Taxation in Ghana - 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