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“Workers who receive GH¢365 and below as monthly salary won’t pay tax” – GRA

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“Workers who receive GH¢365 and below as monthly salary won’t pay tax” – GRA

The Ghana Revenue Authority (GRA) has released a statement that all employees who received GH¢365 and below as their monthly salaries will not pay tax.

According to a statement released by GRA on Monday, January 2022 indicates that Ghanaians who earn GH¢ 365 and below won’t be taxed after the amendment of the Income Tax Act 2021(Act 1071).

They continued that, the chargeable income from each source will be determined separately.

They said, “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%.”

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.”

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Source: Docupdates.com

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