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INCOME TAX (AMENDMENT) ACT, 2016
ACT, 907
ARRANGEMENT OF SECTIONS
Sections
1.
Section 7 of Act 896 amended
2.
First Schedule to Act 896
amended
3.
Sixth Schedule to Act 896
amended
ACT
OF THE PARLIAMENT OF THE
REPUBLIC OF GHANA
ENTITLED
INCOME TAX (AMENDMENT) ACT, 2016
AN ACT to amend the Income Tax
Act, 2015 (Act 896) to provide
for the exemption from tax of
interest paid to an individual
by a resident financial
institution or to an individual
on bonds issued by the
Government of Ghana; to provide
for a reduction in with- holding
tax on service fees paid to a
resident person and to provide
for related matters.
DATE OF ASSENT:
PASSED by Parliament and
assented to by the President:
Section 7 of Act 896 amended
1. The Income Tax Act, 2015 (Act
896) referred to in this Act as
the "principal enactment" is
amended in subsection (1) of
section 7
(a)
by the deletion of "and" after
paragraph (n);
(b)
by the deletion of "." and the
insertion of "; and" after
paragraph (0); and
(c)
by the insertion of new
paragraphs (P) and (q) as
follows: "(P) interest paid to
an individual
(i) by a resident financial
institution; or
(ii) on bonds issued by the
Government of Ghana; and "(q)
the interest or dividend
paid or credited to a holder or
member on an investment in an
approved unit trust scheme or
mutual fund is exempt".
First Schedule to Act 896
amended
2. The principal enactment is
amended in the First Schedule by
the
substitution for
(a)
paragraph 8(1) (b) (viii) of
"(viii) in the case of lottery
winning:
(i) First 2,592 Nil
(ii) Exceeding 2,592 - 5
percent;"; percent.'
(b)
paragraph (8)(1)(c)(vii) of
"(vii) in the case of service
fees referred to in section 116
(2) (c), 7.5 percent;";
and
(c)
paragraph (8)(3) of
"(3) The rate of tax to be
withheld from a payment under
section 85(2) is three percent
of the amount.".
Sixth Schedule to Act 896
amended
3. The principal enactment is
amended in the Sixth Schedule by
the deletion of subparagraph (3)
of paragraph 6.
Date of Gazette
notification:
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