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DOMESTIC TAXES

Domestic taxes are administered by the Domestic Tax Revenue Division (DTRD) of the Ghana Revenue Authority. It is the merger of the operational wings of the erstwhile Value Added Tax Service and the Internal Revenue Service. Some of the domestic taxes being administered by the DTRD include:

INCOME TAX

Corporate Tax: This is the tax paid by companies on their profits in the year. The tax rate is 25%.

Personal Income Tax: Self-employed persons are required to pay Income tax at graduated rates in four equal instalments. The current Personal Income Tax rates took effect from November 2011.

Pay As You Earn (PAYE): The PAYE contributions are withholdings from salaries of employees in order to satisfy their income tax responsibilities. The PAYE is computed with the Personal Income Tax rates. (See box below)

ANNUAL TAX RATES – EFFECTIVE 23 MAY 2013

Chargeable Income (GH¢)

Rate (%)

Tax (GH¢)

Cumulative Chargeable Income (GH¢)

Cumulative Tax (GH¢)

First 1,584

Free

NIL

1,584.00

NIL

Next 792

5

39.60

2,376.00

39.60

Next 1,104

10

110.40

3,480.00

150.00

Next 28,200

17.5

4,935.00

31,680.00

5,085.00

Exceeding 31,680

25

     

Exceeding 31,680 – 25%

 

MONTHLY TAX RATES

Chargeable Income (GH¢)

Rate (%)

Tax (GH¢)

Cumulative Chargeable Income (GH¢)

Cumulative Tax (GH¢)

First 132

NIL

NIL

132.00

NIL

Next 66

5

3.30

196.00

3.30

Next 92

10

9.20

290.00

12.50

Next 2,350

17.5

411.25

2,640.00

423.75

Exceeding 2,640

25

     

Exceeding 2,640 – 25%