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Internal Revenue (Amendment) (No
.2) Act Act 871
ARRANGEMENT OF SECTIONS
Section
1.Section
llA of Act 592 inserted
2.Imposition
of Capital Gains Tax
3.First
Schedule to Act 592 amended
4.Interpretation
THE"EIGHT HUNDRED AND
SEVENTY-FIRST
ACT
OF THE PARLIAMENT OF THE
REPUBLIC OF GHANA
ENTITLED
INTERNAL REVENUE (AMENDMENT)
(NO.2) ACT, 2013
ACT 871
AN ACT to amend the Internal
Revenue Act, 2000 (Act 592) to
provide for the imposition of
Capital Gains Tax on petroleum
operations, to amend the
withholding tax rates for
non-residents; to amend the tax
rates for free zone enterprises
at the end of their ten year tax
holiday and to provide for
related matters.
DATE OF ASSENT: 30th
December, 2013
PASSED by Parliament and
assented to by the President:
Section II A of Act 592 inserted
1. The Internal Revenue Act,
2000 (Act 592) referred to in
this Act as the "principal
enactment" is amended by the
insertion after section 11 of
'Taxation of Free Zone
Enterprises
Ll A, A free zone developer or
enterprise granted a licence
under the Free Zones Act, 1995
(Act 504) is exempt from the
payment of income tax on profits
for the first ten years from the
date of commencement of
operations.".
Imposition of Capital Gains Tax
2. Despite any enactment to the
contrary, the provisions of
Chapter Two of the principal
enactment relating to Capital
Gains Tax apply to petroleum
operations.
First Schedule of Act 592
amended
3.
The First Schedule to the
principal enactment is amended
(a)
in paragraph 2 of Part One by
the substitution for" 15%" of
"20%"; and
(b)
in Part Two by
(i) the substitution for
paragraph 1 of
"1. Subject to paragraphs 3, 4,
5 and 6B of this Part, the
income tax rate applicable to
companies (other than a company
principally engaged in the hotel
industry) and income from goods
and services provided to the
domestic market by free zone
enterprises after their tax
holiday are:
Nature of income Rate of
Income Tax (for every cedi)
Income from the export of - non
traditional goods
Other income 8% 25%
(ii) the insertion after
paragraph 6A of Part Two of "6B
The income tax rate applicable
to exports of a free zone
enterprise outside the domestic
market shall not exceed 8% ;
(c)
in Part Five
(i) by the substitution for
"10%" of "15%" in para- graph
(b),
(ii) by the substitution for
"15%" of "20%" in para- graph
(c);
(d)
in Part Seven by the
substitution for "10%" of 15%;
and
(e)
in Part Eight by the
substitution for "15%" of "20%".
Interpretation
4.
In this Act, unless the context
otherwise requires,
"petroleum operations" means
exploration, development or
production operations, including
operations for the sale, export
or disposal without sale of
petroleum being operations
carried out by a contractor.
Date of Gazette
notification: 31st December,
2013. ·
GPCLI ASSEMBLY PRESS, ACCRA.
GPCLI A6401l,200/1212013
Website:
www.ghanapublishingcompany.com
E-mail:info@ghanapublishingcompany.com
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