24 January 2018 Ghana amends Income Tax Act with certain tax exemptions and incentives The Parliament of Ghana has passed the Income Tax (Amendment) (No. 2) Act, 2017. The Act was assented to by the President on December 29, 2017 and the gazette notification was issued the same day. Accordingly, the Act came into force on December 29, 2017. The Act provides for an exemption from tax for income from an approved unit trust scheme or mutual fund as well as an approved real estate investment trust (REIT). The Act pegs the tax-free income of a resident individual at the national minimum wage and provides for accelerated depreciation for manufacturers and importers of stamping machines used for the implementation of the excise tax policy, which was launched in Ghana in August 2017. The Act also provides for tax incentives for young entrepreneurs and privately-owned universities in Ghana. Finally, the Act abolishes the tax on lotto winnings. Document ID: 2018-0177 |
