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Corporate Tax Ghana and countries with the highest taxes in Africa

Corporate tax is currently 25%, and companies are expected to pay withholding taxes on supply of goods and services as well as other taxes relating to specific sectors.

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Countries with highest taxes in Africa play

Countries with highest taxes in Africa

(Rachel Strohm)

Government has been heavily criticised for hikes in taxes  under the New Tax Law ACT 896 2015.

Corporate tax is currently 25%, and companies are expected to pay withholding taxes on supply of goods and services as well as other taxes relating to specific sectors.

For example, financial institutions are required to pay Value Added Taxes on financial transactions that has to do with debit, credit, issuance of cheque books and loans granted to business and individuals.

READ MORE:Ghana Tax Law Seth Terkper justifies 20% tax on pensions

Since parliament approved the new taxes and the government implemented same in January 2016, the Association of Ghana Industries has continually identified it as one of the key deterrents to businesses in Ghana in their Business Barometer Report.

AGI’s Business Barometer Report is measures business confidence in the economy, identifying the key factors hampering business operations in the country, and is released on a quarterly basis. High taxes has been a constant feature in the first and second quarters of 2016.

But how do Ghana’s corporate and personal taxes compare with counterpart countries on the African Continent.

Here are the first twenty countries with the highest tax rates in Africa:

 

 

 

Country

 

 

Corporate

Tax Rate

 

Personal Tax Rate

 

 

1.

Chad

40

60

 

2.

Cameroon

38.5

35

 

3.

Equatorial Guinea

35

35

 

4.

Congo

35

30

 

5.

Gabon

35

35

 

6.

Namibia

33

37

 

7.

Mozambique

32

32

 

8.

Serra Leone

30

30

 

9.

Senegal

30

40

 

10.

Rwanda

30

30

 

11.

Nigeria

30

24

 

12

Malawi

30

30

 

13.

Kenya

30

30

 

14.

Ethiopia

30

35

 

15.

Angola

30

17

 

16.

South Africa

28

41

 

17.

Swaziland

27.50

33

 

18.

Zimbabwe

35.75

41

 

19.

Tunisia

25

35

 

20.

Ghana

25

35

 

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