Ghana

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Published on: 2023-04-17 10:58:20

Last modified: 2023-04-25 13:35:44

Rating: ★★★★★ [ 1 Votes ]

Reference(s) Ghana Revenue Department

Tax tables last updated: 2023-04-19 13:12:44 [Update Rates]

Currency Ghanaian Cedi [ GHS ] [ ₵ ]

Introduction

Below are specific calculators for the calculation of Personal Income Tax (PIT) and Corporation Income Tax (CIT) in Ghana. These tax calculators are for resident and non-resident tax filing status in Ghana. The Ghana tax calculators are updated with the rates and thresholds up to and including the 2023 tax year, specific tax rates and thresholds can be reviewed in the Ghana tax tables.

Tax in Ghana

Ghana is a country located in West Africa, with a population of approximately 31 million people. The Ghanaian tax system consists of several types of taxes that individuals and businesses must pay to the government. These taxes include income tax, value-added tax (VAT), customs and excise duties, and property taxes.

Income Tax

Income tax is a tax on an individual's income, including salary, wages, and other forms of income such as interest on savings, rent from property, and profits from investments. The current income tax rate in Ghana ranges from 0% to 30% depending on the income earned. Individuals are required to file their income tax returns by the end of April each year.

Value-Added Tax (VAT)

Value-Added Tax (VAT) is a tax on the value added at each stage of production and distribution. The current VAT rate in Ghana is (see the available here). Businesses are required to register for VAT if their annual turnover exceeds earnings threshold.

Customs and Excise Duties

Customs and excise duties are taxes on goods that are imported into or exported out of the country. The rates for these duties vary depending on the type of goods being imported or exported.

Property Taxes

Property taxes are taxes on the value of property owned by individuals and businesses. The rate for property tax in Ghana is fixed and based on the assessed value of the property.

Tax Calculators

Calculating taxes in Ghana can be a complex process. However, with the help of our tax calculators, individuals and businesses can easily calculate their tax liabilities. Our tax calculators are designed to help individuals and businesses in Ghana calculate their income tax, VAT, and other taxes accurately.

Our tax calculators are easy to use and provide accurate results. Simply input the required information, and the calculator will do the rest.

Conclusion

Taxes are an essential part of any economy, and Ghana is no exception. The Ghanaian tax system is designed to ensure that individuals and businesses contribute their fair share to the development of the country. With the help of tax calculators, individuals and businesses in Ghana can calculate their tax liabilities accurately and support compliance with the tax laws in the country.