Monday, 24 January

Salaries of GHS365 and below won't be taxed – GRA

Business
This means all workers whose annual salary is GHS 4,380 will be taxed at 0 percent

The Ghana Revenue Authority (GRA) has said persons who are paid GHS365 and below as monthly salary will no longer pay taxes on their income.

This means all workers whose annual salary is GHS4,380 will be taxed at 0 per cent.

We are happy to inform you that, with the amendment (no. 2) of the Income Tax Act, 2021 (Act 1071), any employee (worker) who receives Ghc365 and below as monthly salary or Ghc 4,380.00 as annual salary is taxed at 0%!!! https://t.co/D6zEQnHWIe https://t.co/a6Fkpxh9rk #TeamGhana pic.twitter.com/1ZJI5Qkjpu

— GRA (@GhanaRevenue) January 10, 2022

“We are happy to inform you that, with the amendment (no. 2) of the Income Tax Act, 2021 (Act 1071), any employee (worker) who receives Ghc365 and below as monthly salary or Ghc 4,380.00 as annual salary is taxed at 0%!!!,” the GRA tweeted on Monday, 10 January 2022.

According to the GRA, the Act 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 sale of unprocessed gold by small scale miners; 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 further six months in 2022 and to provide for related matters.”

Source: classfmonline.com/Elikem Adiku