- Our Regulator for today is the Ghana Revenue Authority (“GRA”). GRA is governed by the Ghana Revenue Authority Act 2023 (Act 1096) and Internal Revenue Act 2000 (Act 592) (the “Acts”). The Acts regulate the administration and payment of taxes in Ghana.
There are various types of taxes paid by companies and individuals in Ghana, some of which are as follows:
Corporate Income tax (imposed on a company’s total income). - Personal Income Tax (imposed on an individual’s income).
- Pay As You Earn “PAYE” (imposed on employee salaries).
- Value added Tax (imposed on the supply and import of goods and services).
- Excise Duty (imposed on the manufacture, sale or consumption of some selected products such as alcoholic drinks, tobacco products and petroleum products).
- Customs duty (imposed on goods imported into the country, or exported from the country)
- Mineral Royalties Tax (imposed separately on the income of a person engaged in mining operations)
- Gift tax (imposed on gifts received by individuals if that gift is not in respect of business or employment)
- Rent Tax (imposed on rent).
It is important to note that individuals are no longer required to acquire a TIN before filing their taxes as it has been replaced with the Ghana Card. This however does not apply to companies and partnerships.