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Act 885
THE EIGHT HUNDRED AND EIGHTY-FIFTH
ACT
OF THE PARLIAMENT OF THE
REPUBLIC OF GHANA
ENTITLED
INTERNAL REVENUE (AMENDMENT) ACT,
2014
AN ACT to amend the Internal Revenue Act,
2000 (Act 592) to increase the corporate
income tax rate on exports by free zone
enterprises after their tax holiday, to
increase the withholding tax on the
remuneration of directors and for related
matters.
DATE OF ASSENT: 31st December, 2014.
PASSED by Parliament and assented to by the
President:
First Schedule to Act 592 amended
1. The First Schedule to the Internal
Revenue Act, 2000 (Act 592) is amended
(a)
in Part II by the substitution for paragraph
6B of "6B. The income tax rate applicable to
exports of a free zone enterprise outside
the domestic market is 15%"', and
- (b)
in Part IV by the substitution for paragraph
3 of
"3. The rate of withholding tax applicable
to payments under paragraph (b) of
subsection (1) - of section 2 and section 84
is
(a)
in a case in which paragraph (a), (c) and
(d) of subsection (1) of section 84 apply,
10%
'(b)
in a case in which paragraph (b) of
subsection (1) of section 84 applies, 20%
(c)
in a case in which paragraph (e) of
subsection (1) of section 84 applies, 7 1/2%;
and
(d)
in a case in which subsection (2) of section
84 applies, 5%"
"Revocation
2.
(1) The Free Zone (Tax Concession)
Regulations 2010 (L.I 1963) are revoked.
(2) The Free Zone (Exclusion and Concession)
Regulations, 2007 (L.I 1834) are amended
(a)
by the revocation of regulation 2; and
(b)
by the revocation of the Second Schedule,"
Date of Gazette notification: 31st
December, 2014.
G PCL, ASSEMBLY PRESS, ACCRA. GPCLI A802/l,OOO/l2/20
14
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