An additional Personal Income Tax band of 35% for monthly income in excess of GHS10 000 was introduced during the Mid-year Budget Statement and came into effect 1 August 2018.
Following feedback from the public after the implementation of the new tax band, Government concluded that some relief from this tax measure is justified. Accordingly, Government reviewed this band to impact monthly income above GHS20 000 at a rate of 30%. The Income Tax Amendment (No. 2) Act, 2018 (Act 979) has since been amended to revise the rates for the taxation of income of resident individuals.
The Income Tax Rates came into effect on 1 January 2019.