Internal Revenue (Atnendlnellt) Act, 2013  Act 859

ARRANGEMENT OF SECTIONS

Sections

1.      Section 11 of Act 592 amended

2.      Section 39 of Act 592 amended

3.      Section 52 of Act 592 amended

4.      Section 66 of Act 592 amended

5.      Section 67 of Act 592 amended

6.      Section 94 of Act 592 amended

7.      Section 97 of Act 592 amended

8.      Section 122 of Act 592 amended

9.      Section 122A of Act 592 inserted

10.     Section 142 of Act 592 amended

11.     First Schedule to Act 592 amended

12.     Third Schedule to Act 592 amended

THE REPUBLIC OF GHANA THE EIGHT HUNDRED AND FIFTY -NlNETH

ACT

OF THE PARLIAMENT OF THE REPUBLIC OF GHANA ENTITLED

INTERNAL REVENUE (AMENDMENT) ACT, 2013 (ACT 859)

 A ACT to amend the Internal Revenue Act, 2000 (ACT 592) to exempt the ARB Apex Bank from tax for a period of ten years of assessment; to increase the personal reliefs for certain category of taxpayers; to amend the annual income tax thresholds and brackets; to provide for consequential amendments on rollover reliefs in respect of class 3 depreciable assets; to provide for the maintenance of underlying documentation; to introduce a new maximum cost base for road vehicles and to provide for related matters.

DATE OF ASSENT: 23rdMay, 2013.

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 insertion after subsection (4) of

"(4A) The income of the ARB Apex Bank from the business of banking is exempt from tax for the period of ten years of assessment commencing from and including the year in which the basis period of the bank ends, being the period in which operations commenced."

Section 39 of Act 592 amended

2. The principal enactment is amended in subsection (1) of section 39 as follows:

(a) by the substitution for "hundred" in paragraph (a) of "two hundred";

(b) by the substitution for "hundred" in paragraph (c) of "two hundred";

(c) by the substitution for "hundred" in paragraph (d) of "two hundred";

(d) by the substitution for "fifty" in paragraph (e) of "hundred"; and

  (e) by the substitution for "two hundred" in paragraph (f) of "four hundred".

Section 52 of Act 592 amended

3. The principal enactment is amended in section 52 (a) by the substitution for subsection (1) of

"(1) Subject to subsection (3), the transfer by a person of a business asset, other than a class I, 2 or 4 depreciable asset, to an associate is treated as a disposal for a consideration equal to

(a) the cost of the assets to the person or, in the case of a class 3, 5, or 6 depreciable asset, the asset's written down value, pursuant to paragraph 4 of the Third Schedule, where all the following conditions are satisfied:

  (i) the asset is a business asset of the associate or, in the case of a class 3, 5, or 6
depreciable asset, a depreciable asset of the associate;

respect to the employment income of that person shall maintain in Ghana the necessary records to explain the information to be provided in a return or in any other document to be furnished to the Commissioner-General under this Act or to enable an accurate determination of the tax payable or income earned by that person."; and

(b) by the insertion of a new subsection (lA)

"(lA) The necessary records required to be maintained by a person includes all underlying documents however described in the nature of receipts, invoices, vouchers, contracts or any electronic data from which information can be extracted. "

Section 122A of Act 592 inserted

9. The principal enactment is amended by the insertion after section 122 of a new subsection 122A

"Record of shareholders of company

122A. A company which is incorporated under the laws of Ghana or has its management and control exercised in Ghana at any time during a year of assessment, shall

(a) maintain available in Ghana a register of members reflecting the names and addresses of the members; and

(b) in the case of a company having shares, maintain

(i) a statement of the shares held by each member distinguishing each share by a
number where the share has a number and the amount paid or agreed to be
considered as paid on the shares of each member and the amount remaining payable on the shares;

(ii) the date on which the person was entered in the register as a member; and

(iii) the date on which that person ceased to be a member."

Section 142 of Act 592 amended

10. The principal enactment is amended in section 142 by the substitution for "two currency units" and "one currency unit" for "four currency points" and "two currency points" respectively.

First Schedule to Act 592 amended

11. The principal enactment is amended in the First Schedule by the substitution for paragraph 1 of Part 1 of the following new paragraph: "1. The income tax rates applicable to resident individuals are:

Third Schedule to Act 592 amended

12. The principal enactment is amended in the Third Schedule by the substitution for the figure "GH¢25,000.00" appearing in subparagraph (8) of paragraph (3) of the figure "GH¢75,000.00".

Date of Gazette notification: 23rd May, 2013.

GPCL. ASSEMI3LY PRESS, ACCRA. GPCLlA23511350/05/2013
Website: www.ghanapublishingcompany.com E-mail: info@ghanapublishingcompany.com