Amendment in income tax rates
The Income Tax, 2015 (Act 896) has been amended through the Income Tax (Amendment) (No.2) Act,2003 (Act No.1111) revising the rates of income tax for Resident Individuals.
The table below shows the annual chargeable income and rate of tax.
| Chargeable Income | Rate of Tax (%) |
|---|---|
| First GHS 5,880 | 0 |
| Next GHS 1,320 | 5 |
| Next GHS 1,560 | 10 |
| Next GHS 38,000 | 17.5 |
| Next GHS 192,000 | 25 |
| Next GHS 366,240 | 30 |
| Next GHS 600,000 | 35 |
The effective date of the new Tax Rates is 1 January 2024.
Please contact your Mercans’ services delivery team for any additional information regarding the implications of the above change
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Ghana amends income tax rates for resident individuals
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