Ghana: Tax changes as from April 2023

Ghana: Tax changes as from April 2023

The Income Tax (Amendment) Act, 2023 (Act 1094) has amended the Income Tax Act, 2015 (Act 896) by revising the rates of income tax for individuals and introduced an additional income tax bracket as well as revised the upper limits for the quantification of motor vehicle benefits. These amendments take effect as from April 2023.

  1. The personal income tax bands will adopt the minimum wage for 2023 as the tax free threshold
  1. Government introduced an additional tax band at 35% as part of the high net worth taxation policy
  1. The upper limits for quantification of motor vehicle benefits has been revised to account for inflation

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