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Internal Revenue (Amendment) Act
839
Act, 2012
ARRANGEMENT OF SECTIONS
Sections
1.
Section 11 of Act 592 amended
2.
Section 23 of Act 592 amended
3.
Section 97 of Act 592 amended
4.
First
Schedule to Act 592 amended
5.
Third
Schedule to Act
592
amended
6.
Revocation of L. 1. 1996
ACT
OF
THE PARLIAMENT OF REPUBLIC OF
GHANA
ENTITLED
INTERNAL
REVENUE (AMENDMENT) ACT, 2012
AN ACT to
amend the Internal Revenue Act,
2000 (Act 592) to review upwards
the tax holiday for the Ghana
Stock Exchange, to review the
tax band for resident
individuals, to increase the
income tax rate for mining
companies, to reduce the tax
rate for the hotel industry and
to provide for related matters.
DATE OF
ASSENT:
PASSED by
Parliament and assented to by
the President:
Section 11 of
Act 592 amended
1. The
Internal Revenue Act, 2000 (Act
592) referred to in this Act as
the 'principal enactment' is
amended in Section 11 by the
substitution for "twenty years"
appearing in subsection (8) of
"twenty-five years".
Section 23 of
Act 592 amended
2. The
principal enactment is amended
in section 23 by the insertion
after subsection (I) of the
following new subsection:
IA). A person
engaged in mining operations
shall not be allowed a deduction
for expenses exclusively
incurred in a mining area
against revenue derived from
another mining
area belonging to that person or
in which that person has an
interest, in determining that
person's chargeable income for a
basis period".
Section 97
of Act 592 amended
3. The
principal enactment is amended
in Section 97 (3) by the
substitution for "twenty years"
appearing in paragraph (a)
of "twenty-five years" .
First
Schedule to Act 592 amended
4. The
principal enactment is amended
in the First Schedule as
follows:
(a) by
the substitution for paragraph 1
of Part 1 of the following new
paragraph:
"1. The
income tax rates applicable to
resident individuals
are:
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CHARGEABLE INCOME
|
RATE OF TAX |
|
First |
GH¢1,440 |
Free |
|
Next |
GH¢720 |
5% |
|
Next |
GH¢1,008 |
10% |
|
Next |
GH¢25,632 |
17.5% |
|
Exceeding |
GH¢28,800 |
25% |
(b) by
the substitution for "22%" in
paragraph 2 of Part II of "20%";
(c) by
the insertion after paragraph 6
of Part II of the following new
paragraph
"6A. The
income tax rate applicable to a
company engaged in mining is
.35%".
3
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