Workers earning 365 Ghana Cedis per month will no longer be taxed. The Ghana Revenue Authority (GRA) has announced that workers earning less than 365 Ghana Cedis per month or GHC4,380.00 per year would no longer be taxed.
This is in response to the second amendment (no. 2) to the Income Tax Act of 2021. (Act 1071).
“With the revision (no. 2) of the Income Tax Act, 2021 (Act 1071), every employee (worker) who gets Ghc365 or less as monthly pay or Ghc 4,380.00 as yearly compensation is taxed at 0%!!!,” the GRA tweeted.
Workers earning 365 Ghana Cedis per month will no longer be taxed
The purpose of the Act, according to the GRA, 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 small scale miners selling unprocessed gold; 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 another six months in 2022, and to provide for related matters.”
