News FlashesApril 26, 2023

CRS News Flash 25 April 2023 – GHANA – 2023 Tax Changes

APRIL 2023 – GHANA
2023 TAX CHANGES
It is important that employers note the following:

Tax changes for the 2023 tax year published

On 24 November 2022 the 2023 Budget Statement was delivered by Ghana’s Minister for Finance and Economic Planning. The Minister indicated that the income tax regime will undergo reforms in 2023, including a review of the upper limits for vehicle benefits and the introduction of an additional income tax bracket.

These changes have now come into effect with the President’s assent to the Income Tax (Amendment) Act of 2023. The Act was assented to on 3 April 2023 and published on 18 April 2023.

With effect from 1 January 2023, the rates of income tax for individuals are as follows:

In addition, a benefit consisting of the availability for use or usage of a motor vehicle provided by an employer to an employee, or an entity to a member or manager during a year of assessment, is quantified according to the following rates:

To view the Income Tax (Amendment) Act, 2023, follow the link.

 

 

Contact our legislation team on info@crs.co.za if you require any additional information.
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