Friday, September 20News That Matters

35% tax on income earners above GHS10,000 reviewed

Government in its 2018 midyear budget review, introduced an additional personal income tax band of GH¢10,000 and above per month at a rate of 35 percent but delivering the Budget Statement and Economic Policy of the Government of Ghana for the 2019 Financial Year, Minister of Finance said the government has listened to the feedback from the public and has come to the conclusion that some relief from this tax measure is justified.

According to Mr. Ken Ofori Atta, Government rather proposes to review this band to impact monthly income above GH¢20,000 at a rate of 30 percent.

“Government in the midyear review introduced an additional personal income tax band of GH¢10,000 and above per month at a rate of 35 percent. We have listened to the feedback from the public and come to the conclusion that some relief from this tax measure is justified.

“Accordingly, Government proposes to review this band to impact monthly income above GH¢20,000 at a rate of 30 percent. Mr. Speaker, we will bring the necessary changes to this august house to be legislated.”

 

Leave a Reply

Your email address will not be published. Required fields are marked *