Prepare to pay 35% tax if you earn 10k and above
Presenting the mid-year budget review to Parliament, the Finance Minister Ken Ofori-Atta said that the government will include an additional band of GHC10,000 and above per month at a rate of 35 percent.
He added that they will ensure tax compliance in order to meet their revenue targets and also develop the nation.
He said that "the levy will be paid on first registration and subsequently at annual renewal. Commercial vehicles will be exempted."
He however stated that the government has not increased VAT as speculated ahead of the presentation of the review.
He said that the government “will ensure tax compliance and plug existing leakages.”
Despite the review of Personal Income Tax, it is not clear when implementation will begin.
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