Ghana Tax Agency Posts Amendments to Income Tax Act

The Ghanaian Revenue Authority April 21 posted online Act No. 1094, on amendments to the Income Tax Act. The amendments include measures that: 1) require individuals with five years of declared losses must pay taxes on a minimum chargeable income of 5 percent of their turnover; 2) set rules for ascertaining income and deducting specific kinds of losses; 3) require taxpayers to declare any asset or liability within 30 days of realization; 4) exempt specific individuals from income tax on withdrawals from provident funds or personal pension regimes, before the statutory retirement age, due to the coronavirus pandemic; 5) require ...