Income Tax (Amendment) (No.2) Act, 2023 - Act 1111
ARRANGEMENT OF SECTION
- First Schedule to Act 896 Amended
PURPOSE
AN ACT to amend the Income Tax Act, 2015 (Act 896) to revise the rates of income tax for individuals
DATE OF ASSENT
29th December, 2023
ACT
First Schedule to Act 896 amended
The Income Tax Act, 2015 (Act 896) is amended in the First Schedule by the substitution for subparagraph (1) of paragraph I, of
"Rates of income tax for individuals
1. (1) Subject to subparagraph (3) and the Second Schedule, the chargeable income of a resident individual for a year of assessment is taxed at the following rates:
| NO. | CHARGEABLE INCOME RATE OF TAX | RATE OF TAX |
|---|---|---|
| 1. | First GH¢5,880 | Nil |
| 2. | Next GH¢1,320 | 5 per cent |
| 3. | Next GH¢1,560 | 10 per cent |
| 4. | Next GH¢38,000 | 17.5 per cent |
| 5. | Next GH¢192,000 | 25 per cent |
| 6. | Next GH¢366,240 | 30 per cent |
| 7. | Exceeding GH¢600,000 | 35 per cent |
"