Income Tax (Amendment) (No 2) Act, 2023 Act 1111

ActllllINCOME TAX (AMENDMENT) (NO.2) ACT, 2023
ARRANGEMENT OF SECTION
Section
First Schedule to Act 896 amended

Act 1111
REPUBLIC OF GHANA
The One Thousand one hundred and eleventh
ACT
OF THE PARLIAMENT OF THE REPUBLIC OF GHANA
ENTITLED
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.
Passed by Parliament and assented to by the President
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 1, 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:
2

Income Tax (Amendment) (No.2) Act, 2023 Act 1111
NO. CHARGEABLE INCOME RATE OF TAX
1. First GHt5,880 Nil
2. Next GH$l,320 5 per cent
3. Next GHe1, 560 10 per cent
4. Next GHe38, 000 17.5 per cent
5. Next GH41 92,000 25 per cent
6. Next GH<t366,240 30 per cent
7. Exceeding GHe600,000 35 per cent
)
3

0 10 per cent
4. Next GHe38, 000 17.5 per cent
5. Next GH41 92,000 25 per cent
6. Next GH<t366,240 30 per cent
7. Exceeding GHe600,000 35 per cent
)
3

Act1111 Income Tax (Amendment) (No.2) Act, 2023
Date of Gazette notification; 29th December, 2023.
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