Income Tax (Amendment) Act, 2018 (Act 973)

ARRANGEMENT OF SECTION

First Schedule of Act 896 amended

PURPOSE

AN ACT to amend the First Schedule of the Income Tax Act, 2015 (Act 896) and provide for related matters.

DATE OF ASSENT

31st July, 2018.

ACT

First Schedule to Act 896 amended

The Income Tax Act, 2015 (Act 896) is amended in the First Schedule by

(a) the substitution for the table in subparagraph (1) of paragraph 1, of

NO.	CHARGEABLE INCOME	RATE OF TAX
"1.	FIRST GH¢3,132	NIL
2.	NEXT GH¢840	5 percent
3.	NEXT GH¢1,200	10 percent
4.	NEXT GH¢33,720	17.5 percent
5.	NEXT GH¢81,108	25 percent
6.	Exceeding GH¢120,000	35 percent"

(b) the substitution for subparagraph (2) of paragraph 1, of

"(2) Subject to subparagraph (3), the chargeable income of a non-resident individual for a year of assessment is taxed at the rate of twenty five percent.".