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GRA Income Tax Rates in Ghana for 2024

Buoyed by a robust economy that provides access to a large domestic and regional market, the Republic of Ghana (hereafter referred to as ‘Ghana’) is a dynamic and diverse nation. Its tax environment has improved, making it attractive to businesses and investors. Significant reforms have been underway to make it easier to do business in the country. 

What is income tax? Income tax refers to payments that individuals or companies are required to make to the government based on earnings derived from various sources. These earnings or income may include employment wages, pensions and investments. 

The tax system is administered by the official tax body, the Ghana Revenue Authority (GRA). The Taxpayers’ Portal is an online self-service system that allows taxpayers to file returns, initiate payments and access related services. The Income Tax Act, 2015 (Act 896) provides guidance and support in the form of income tax tables for individuals and businesses. Taxpayers must familiarize themselves with these tax tables and the corresponding income tax brackets and income tax rates, for effective tax planning and to remain compliant with the tax laws of Ghana.

Here you will learn about:

Headline Tax Rates in Ghana

Headline Tax Rates

Tax Rate (%)

Headline Personal Income Tax (PIT) Rate

Residents: 35

Non-residents: 25

Headline Corporate Income Tax (CIT) Rate

25

Personal Income Tax (PIT) Rates for Individuals in Ghana for 2024

Personal income tax (PIT) is a tax charged on an individual’s total income which may be derived from employment, business or investments. This must be paid whether an individual is an employee, sole proprietor, or a person within a partnership. The assessable income of a resident is worldwide income from all sources. However, the assessable income of a non-resident is that which is derived within Ghana.

Personal Income Tax (PIT) Rates for Individual Residents

Taxable Income (GHS)

Tax Rate (%)

First 5,880

0

Next 1,320

5.0

Next 1,560

10.0

Next 38,000

17.5

Next 192,000

25.0

Next 366,240

30.0

Exceeding 600,000

35.0

Non-resident individuals are subject to a PIT flat rate of 25%.

Personal Income Tax (PIT) Rates for Individual Non-Residents

Tax Rate (%)

Flat Rate PIT

25

Personal Income Tax Due Dates

Personal Income Tax (PIT) Due Dates

PIT return due date

Within four months after the end of the calendar year.

PIT final payment due date

Final payment is due at the time of filing the annual PIT return.

PIT estimated payment due dates

Employees are generally required to submit payment within 15 days after the end of the month.

Others are required to submit payment by equal quarterly installments due on or before the last day of the third, sixth, ninth, and 12th months of the calendar year.

Corporate Income Tax (CIT) Rates in Ghana for 2024

Corporate Income Tax (CIT) Rates

CIT / Entity Type

Tax Rate (%)

Standard CIT

25

CIT for mining and upstream petroleum companies

35

CIT for companies principally engaged in the hotel industry

22

CIT for companies engaged in non-traditional exports

8

CIT for banks lending to the agricultural and leasing sectors

20

CIT for lottery operators

20

Growth and Sustainability Levy (GSL) for Corporations in Ghana

The Growth and Sustainability Levy applies to entities which raise revenue for growth and fiscal sustainability of the economy and is categorized into the three groups named below. The levy is payable in four equal installments at the end of each quarter of the year of assessment.

Growth and Sustainability Levy (GSL)

Category

Rate of Levy (%)

Category A

Banks

Non-bank financial institutions

Insurance companies

Telecommunications companies liable to collect and pay the Communications Service Tax under the Communications Service Tax Act, 2008 (Act 754)

Breweries

Inspection and valuation companies

Companies providing mining support services

Bulk oil distributors

Oil marketing companies

Communication tower operators

Companies providing upstream petroleum services

Companies and institutions registered by the Securities and Exchange Commission

Specialised deposit-taking institutions

Electronic money issuers

Shipping lines, maritime, and airport terminals

5% of profit before tax

Category B

Mining companies and upstream oil and gas companies

1% of gross production

Category C

All other entities not falling within category A or B

2.5% of profit before tax

Corporate Income Tax Due Dates

Corporate Income Tax (CIT) Due Dates

CIT return due date

Not later than four months after the end of the financial year.

CIT final payment due date

Final payment is due at the time of filing the annual CIT return.

CIT estimated payment due dates

Equal quarterly installments due on or before the last day of the third, sixth, ninth, and 12th months of the basis period.

Capital Gains Tax (CGT) in Ghana

Capital Gains Tax (CGT)

Rate (%)

Headline corporate capital gains tax

Standard CIT

Headline individual capital gains tax

Standard PIT

(highest rate of 35% for residents, 25% for non-residents)

or

25%

(upon election where the gains are the result of the realisation of an investment assets)

Withholding Tax Rates for Residents and Non-Residents in Ghana

In general, withholding tax (WHT) is levied on residents and non-residents. WHT rates may also vary depending on the individual payment concerned, such as interest, dividends, rent, or royalties.

Ghana is signatory to several double taxation treaties (DTTs) which may cause further variance in WHT rates. Ghana is also pursuing further DTTs with several countries. A taxpayer may benefit from the provisions of these treaties.

Withholding Tax (WHT) Rates for Residents and Non-Residents

Recipient

WHT (%)

Dividends

Interest

Royalties

Resident

8

8

15

Non-Resident

8

8

15

Value-Added Tax Rates in Ghana

Value-Added Tax (VAT)

Tax Rate (%)

Standard VAT

Other than exempt goods and services, applicable to:

  • every supply of goods and services made in Ghana
  • every importation of goods

15

Flat Rate

Applicable to the supply of tangible goods (other than exempt goods) by VAT-registered retailers if that retailer makes annual supplies of between GHS 200,000 and GHS 500,000.

3

Immovable Property

Applicable on the taxable supply of immovable property by a taxable person:

  • for rental purposes other than for accommodation in a dwelling or in a commercial rental establishment
  • who is an estate developer

5

National Health Insurance Levy (NHIL)

2.5

Ghana Education Trust Fund Levy (GETFL)

2.5

COVID-19 Health Recovery Levy (CHRL)

1

Unless exempted or zero-rated, NHIL, GETFL and CHRL apply to every supply of goods and services provided in Ghana, every importation of goods and the supply of imported service.

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FAQs about Income Tax Rates in Ghana

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