AMENDMENTS TO THE INTERNAL REVENUE ACT, 2000 (ACT 592)

The Commissioner-General of the Ghana Revenue Authority (GRA) wishes to bring to

the attention of the general public that the following amendments have been made to
the Internal Revenue Act 2000 (Act 592) by the Internal Revenue (Amendment) Act,
2013 Act 859.
1. Section 142 of Act 592 Amended;
Failure to Furnish Return
Any company or self-employed person that fails to furnish a return of income within the
time required under this Act is liable to pay a penalty of four currency points in the case
of a company and two currency points in the case of a self-employed person in respect
of each day during which the default continues.
A currency point is equal to One Ghana Cedi. A company that fails to submit returns
within the time required is therefore liable to pay a penalty of Four (4) Ghana Cedis for
each day of default while a self employed person is liable to pay Two (2) Ghana Cedis
for each day of default.
2. First Schedule to Act 592 Amended
Act 859 has revised the First Schedule to Act 592 by reviewing upwards the Income Tax
bands applicable to resident individuals. Consequently, the tax bands applicable to
resident individuals are:
INCOME TAX RATES APPLICABLE TO RESIDENT INDIVIDUALS

ANNUAL TAX RATES

CUMULATIVE TAX

GH

CUMULATIVE
CHARGEABLE
INCOME
GH

FREE

NIL

1,584

NIL

792

5%

39.60

2,376

39.60

NEXT 1,104

10%

110.40

3,480

150.00

NEXT 28,200

17.5%

4,935.00

31,680

5,085.00

EXCEEDING
31,680

25%

CHARGEABLE
INCOME
GH

RATE OF
TAX
%

FIRST 1,584
NEXT

TAX

GH

MONTHLY TAX RATES

CHARGEABLE
INCOME
GH

RATE OF
TAX
%

TAX
GH

CUMULATIVE
CHARGEABLE
INCOME
GH

FIRST 132

FREE

NIL

132

NIL

NEXT 66

5%

3.30

198

3.30

NEXT 92

10%

9.20

290

12.50

NEXT 2,350

17.5%

411.25

2,640

423.75

EXCEEDING
2,640

25%

CUMULATIVE TAX
GH

3. Third Schedule to Act 592 Amended;

Sub-paragraph 8 of paragraph 3 of the third schedule of Act 592 has been amended as
follows:For the purposes of the Third Schedule only, the cost base of a road vehicle, other than
a commercial vehicle, shall not exceed GH 75,000.00. This means that the value of a
saloon vehicle and any other vehicles, such as land cruisers, shall be restricted to
GH75,000 for Capital Allowances purposes.
These amendments came into effect on 23 rd May, 2013. The Commissioner-General
requests the general public particularly taxpayers, businesses, accountants, auditors,
tax consultants and advisors and paymasters to take note and comply accordingly.

GRA-INTEGRITY FAIRNESS SERVICE