They apply to tobacco products, alcoholic and non-alcoholic carbonated beverages, bottled water and other goods specified by the minister responsible for finance, before sale or before entry into the market. Notify me of follow-up comments by email. Do you need help with your GIPC registration? An import of mild carbon steel for the manufacture of machetes. these are taxable services). Medical supplies and services – PharmaceuticalsMedical services, essential drugs as listed under Chapter 30 of the ‘HS Code’ produced or supplied in Ghana, specified active ingredients for essential drugs, and selected imported special drugs determined by the Minister for Health and approved by Parliament. Contact us for free consultation. Use the Tax Withholding Estimator. Businesses should consult experts whenever they have trouble interpreting the tax laws and important tax compliance issues in Ghana. Generally, income has a source in Ghana if it accrues in or is derived from Ghana. The expenses in the Profit and Loss statement must be traced to the cash book, with supported payment receipts accordingly, The salaries and wages figure in the Profit and Loss tally with the PAYE filings. Friday 30 th August, 2019. Businesses which are exempt from corporate tax are still required to register their business with the GRA for the purposes of payment of income tax. If your organisation is a charity, it must be endorsed by us to be exempt from income tax. In this article, we have detailed everything you need to know about tax registration, tax rates, tax incentives, withholding taxes, income taxes, monthly tax filings, and audits in Ghana. Laboratory equipment for educational purposes and library equipment. If your organisation is not a charity, you can self-assess its income tax status. Fish, crustaceans and molluscs, vegetables, fruits, nuts, coffee, cocoa, shea butter, maize, sorghum, millet, tubers, guinea corn and rice. ( Refer to item (ix) for rates applicable to petroleum subcontractors). Friday 29 th November, 2019. Tax Deductions and tax allowances – A resident individual may deduct various personal allowances and reliefs from gross income in arriving at his/her annual taxable income. Thursday 31 st January 2019. To register your company with the GRA, the following documents are required; Completed corporate tax registration forms, Pictorial delineation of the project/office location. Increase more than 700% of Email Subscribers! The supply of salt for human consumption, including table salt. WITHHOLDING TAXES IN GHANA UNDER ACT 592. This classification should, however, be distinguished from zero-rated supplies described later in this booklet. A stake in National Lotto organised by the National Lottery Authority. We deliver in 3 – 5 working days. We are happy to assist. Income tax – After each quarter (March, June, September, December) you pay Gh₵500. If an employee wants to claim exemption, they must write "Exempt" on Form W-4 in the space below Step 4 (c) and complete Steps 1 and 5. Form C-S (Lite) - Simplified Tax Return for Companies With Revenue $200,000 or Below; Filing Estimated Chargeable Income (ECI) and Paying Estimated Taxes Withholding tax exemption on savings interest for aged and incapacitated individuals. Annual financial statements – After last working day of April you will pay Gh₵500. In an audit, the company will be required to supply relevant company source documents including the following; Copies of payment receipts for general and operational expenses, Custom import documents as evidence for importation. (vi) Source Rule for the Payments. Management fees charged by a local manager for management of a licensed private equity fund, a venture fund or a mutual. ALL WITHHOLDING TAX AGENTS TO NOTE. We value your opinion in the Ghana Consumer Download. Diam lorem auctor sit, a a? Wednesday 31 st July, 2019. Dolor aliquet augue augue sit magnis, magna aenean aenean et! Maame Ama Arthur. Animals, livestock, poultry and fish imported for breeding purposesLive asses, mules, and hinnies, live bovine animals, live swine; live sheep and goats; live marine mammals, live fish and aquatic invertebrates. Cargo tracking note is an official loading certificate number which confirms detailed information about cargo and its movement between ports. Are there any tax credit for Solar and are there any tax holidays for investments of over 30 million dollars, Kindly update the monthly and annual income tax rates and the VAT and NHIL as well. Any other importation is taxable. This website uses cookies according to Our Privacy Policy and website terms of use. WELL NOTED. The personal exemptions allowed in figuring wages subject to graduated withholding are the same as those discussed under Figuring Your Tax, except that an employee must claim them on Form W-4, Employee's Withholding Allowance Certificate. What You Need to Know about Company Registration, How to Replace a GIPC Automatic Quota in Ghana, Companies Engaged in Non-Traditional Exports, (i) Dividend, including capitalisation of profits, (ii)Dividend paid to persons from petroleum operations, (iii) Dividend paid to persons from mineral operations, (vi) Rent on properties (Payment to an   individual), (vii) Rent on properties (Payment to an individual), (viii) Rent on properties (Payment to persons other than an individual), (x) Payments made to a person who conducts a relevant transport business other than as a result of transshipment, (xi) Payments made to a person who conducts a relevant transport business other than as a result of transshipment, (xii) Payments for unprocessed precious minerals located or won in Ghana, (xiii) Payments due to persons who conduct business of transmitting or receiving messages by cable, radio, optical fiber or satellite or electronic communication, (xiv) Commission paid to an individual as a sales agent, xv) Service fees paid to an individual for examining, invigilating or supervising an examination, or part time teaching or lecturing, (xvi) Fees or allowances, to a resident director, manager trustee or board member of a company or trust, (xvii) Commission paid to an individual as a resident insurance, sales or canvassing agent, (xviii) Endorsement fees to an individual, (xix) Any other service provided by an individual, xx) Commission to an individual as a resident lotto receiver or agent, xxi) Contract payments for the supply or use of goods, (xxii) Contract payments for the supply of works, (xxiii) Contract payments for the supply of services, (xxiv) Contract payments made to a Withholding VAT agent in respect of taxable output value of standard rated supplies, (iii) Royalties and Natural Resource Payment, (v) Management and technical service fees, (vi) Contract payments for the supply of any services, vii) An insurance premium with a source in Ghana, (ix) Goods, Works and Service fee which give rise to income with a source in Ghana, Payments for unprocessed precious minerals located or won in Ghana, Payments received by a person who conducts a relevant transport business other than as a result of transshipment, (xiii) Rental of containers and related equipment which are supplementary or incidental to the relevant transport business above, Payments received by a person who conducts a business of transmitting or receiving messages by cable, radio, optical fiber or satellite or electronic communication, Earned repatriated profits by a non-resident who carries on business in Ghana through a permanent establishment. Business Registration with Regulatory Authorities, Employee Satisfaction & Engagement Surveys. You expect to owe no federal income tax in the current tax year. A supply of paper for paper for the production of exercise books and textbooks. Because of this, it’s better for you to know the various taxes to pay and the rates. Complying with the tax laws stated, would help a business to thrive in the Ghanaian business environment and avoid future troubles. A summary of the goods and services which are exempt from VAT/NHIL and GETFund include: Live animalsThis classification includes all live animals such as cattle, sheep, goats, swine and poultry, but excludes horses, asses, mules, hinnies and similar exotic animals. Talk to us first. Any other forms of stake in lottery not organised by the National Lottery Authority is taxable. The GRA may from time to time initiate a company audit. We are happy to assist. Excise tax stamps are to be affixed to specific excisable goods which are manufactured in or imported into the country. A provisional tax assessment is raised on all businesses yearly, including new business registrations. Animal product in its raw state produced in GhanaEdible meat and offal of the animals, livestock and poultry earlier listed, provided any processing is restricted to salting, smoking, freezing or similar simple processes of preparation or preservation.This exemption excludes pate, fatty livers of geese and ducks and similar products (i.e. Resident recipients they are taxable).ElectricityDomestic use of electricity up to a specified consumption level prescribed in regulations by the Minister (i.e. WITHHOLDING TAXES ON P.A.Y.E cont. This is the minimum amount that attracts WHT as stipulated in the law. Value of Taxable Supplies     =    Ghc 12,000, NHIL   =  Ghc 12,000 * 2.5% =   Ghc   300, Subtotal                               Ghc   12,600.00, VAT = Ghc 12,600 * 12.5%   =   Ghc 1,575.00, Total Amount  to be paid to GRA = NHIL + GETFL + VAT. withholding tax rate in ghana; withholding taxes; withholding taxes in … The lower rate applies where the recipient holds at least 10% of the shares. Too much can mean you won’t have use of the money until you receive a tax refund. It is taxable at a zero rate and therefore not exempt. Companies. Withholding VAT agents will continue to file withholding VAT returns by the … the supply of ornamental fish is taxable).Seeds, bulbs, rooting, and other forms of propagation;Of edible fruits, nuts, cereals, tubers and vegetables. How to Wind-Up, Liquidate or Dissolve a Company in Ghana. These are taxable. (vii) Application to Particular types of Persons. Learn more from these guidelines which will help you comply with all tax requirements in Ghana. Thursday 31 st October, 2019. Fill in your details to Get the full report, Whatsapp / call Us via: Any additional day is Gh₵10. The money taken is a credit against the employee’s annual income tax. other commercial services rendered by postal agencies are taxable).VAT/NHIL & GETFund Levy is not chargeable on the sale of exempt supplies but at the same time no credit may be allowed to the business making exempt sales for the VAT/NHIL paid on purchases or expenses applied for the purpose of the exempt sales – S. 24(3). Postal ServicesSupply of postage stamps (i.e. agriculture, veterinary, fishing and horticulture, mining (as specified in the mining list) and dredging; and.
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