The income tax rate in Ghana! Are you aware that if you are a citizen of Ghana or you are an international expert or foreigner residing in Ghana, you must be aware of the Ghana income tax bracket and tax rates for each year?
You must keep track of the changes in the PAYE tax bracket from year to year in Ghana as this could affect your gross economic income and expenditure greatly.
How much is income tax on salary? What is the income tax rate for 2023? How much is PAYE in Ghana?How can I calculate my income tax?
Do you know that the Ghanaian tax authorities change the tax bracket rates almost yearly which accounts for the difference in Mexican’s PAYE tax Calculator rate year to year? If you aren’t aware, it very important that you note when these tax rate and bracket in Ghana changes so that you can adjust to the economic situation in Ghana.
On this page, we will be looking at some frequently asked questions on the IncomeTax rate bracket in Ghana 2023 and all you need to know about the taxation system in. let’s proceed!
The income tax rate in Ghana 2023
An industrious and tourist nation like Ghana operates with a progressive personal income tax rate, hence one must have an idea of what the current income tax rate is in Ghana, especially for foreigners, locals, and international ex-pats.
- Personal Income Tax Rate 30.0%
- Corporate Tax Rate 25.0%
- Sales Tax Rate 13.5%
How much is income tax on salary?
|Net Income||Income Tax Rate|
|Up to Rs.2.5 lakhs||Nil|
|Rs.2.5 lakhs to Rs.5 lakhs||5% of (Total income – Rs.2.5 lakhs)|
|Rs.5 lakhs to Rs.10 lakhs||Rs.25,000 + 20% of (Total income – Rs.5 lakhs)|
|Above Rs.10 lakhs||Rs.1,12,500 + 30% of (Total income – Rs.10 lakhs)|
Who has to pay tax in Ghana?
In Ghana, the government takes its taxation seriously as it is one of the main sources of its funding. It is therefore wise that the question of who is eligible to pay tax in Ghana is answered.
- People who live permanently in Ghana
- Residents of Ghana that have stayed a minimum of 183days, not necessarily consecutive
- You work or own an establishment in Ghana
- Has their major source of the income stream in Ghana
How can I calculate my income tax?
Income from salary is the sum of Basic salary + HRA + Special Allowance + Transport Allowance + any other allowance. Some components of your salary are exempt from tax, such as telephone bills reimbursement, leave travel allowance.
Need more information on Ghana Tax Bracket and Ghana income tax PAYE calculator 2023? Then drop your comments below and bookmark us for more recent updates.