Ghana Act or statute

Parliament of Ghana

Income Tax (Amendment) Act , 2016 ( Act 907)

This amendment adds tax exemptions for certain interest and dividend payments. This amendment changes withholding tax rates in the First Schedule for lottery winnings, certain service fees, and payments under section…

amendmentexempt incomeincome taxtax rateswithholding tax

Jurisdiction: Ghana
Structure: 3 provisions
Citation: Act 907
Dates: Undated source snapshot

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Dates: Undated source snapshot

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“This amendment adds tax exemptions for certain interest and dividend payments.”

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Section 7 of Act 896 amended

This amendment adds tax exemptions for certain interest and dividend payments.

Section 1

First Schedule to Act 896 amended

This amendment changes withholding tax rates in the First Schedule for lottery winnings, certain service fees, and payments under section 85(2).

Section 2

Sixth Schedule to Act 896 amended

The Sixth Schedule to Act 896 is amended by deleting subparagraph (3) of paragraph 6.

Section 3

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Source record from ir.parliament.gh · Undated source snapshot

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Amendment 2Substitution

§ 1Section 7 of Act 896 amendedAmendment

This amendment adds tax exemptions for certain interest and dividend payments.

Section 1—Section 7 of Act 896 amended The Income Tax Act, 2015 (Act 896) referred to in this Act as the “principal enactment” is amended in subsection (1) of section 7 (a) by the deletion of “and” after paragraph (n); (b) by the deletion of “.” and the insertion of “; and” after paragraph (o); and (c) by the insertion of new paragraphs (p) and (q) as follows: “(p) interest paid to an individual (i) by a resident financial institution; or (ii) on bonds issued by the Government of Ghana; and “(q) the interest or dividend paid or credited to a holder or member on an investment in an approved unit trust scheme or mutual fund is exempt”.

Section 1Verify source

§ 2First Schedule to Act 896 amendedSubstitution

This amendment changes withholding tax rates in the First Schedule for lottery winnings, certain service fees, and payments under section 85(2).

Section 2—First Schedule to Act 896 amended The principal enactment is amended in the First Schedule by the substitution for 3 (a) paragraph 8(1) (b) (viii) of “(viii) in the case of lottery winning: (i) First 2,592 — Nil (ii) Exceeding 2,592 — 5 percent;”; Percent.’ (b) paragraph (8)(1)(c)(vii) of “(vii) in the case of service fees referred to in section 116(2) (c), 7.5 percent;”; and (c) paragraph (8)(3) of “(3) The rate of tax to be withheld from a payment under section 85(2) is three percent of the amount.”.

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§ 3Sixth Schedule to Act 896 amendedAmendment

The Sixth Schedule to Act 896 is amended by deleting subparagraph (3) of paragraph 6.

Section 3—Sixth Schedule to Act 896 amended The principal enactment is amended in the Sixth Schedule by the deletion of subparagraph (3) of paragraph 6. Date of Gazette Notification: 18th February, 2016

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