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MENUMENU
  • Home
  • About PKF
    • Management Team
  • Our Services
        • Advisory Services
        • Taxation Services
        • Business Tax Planning
        • Raising Finance
        • Personal Tax Planning
        • Due Diligence and Valuations
        • Investigations
        • Flotations
        • Mergers and Acquisitions
        • Management buy-outs and buy-ins
        • Value Added Tax
        • Design and Implementation of Management Information Systems
        • Assurance Services
  • Our Portfolio
    • Recent Assignments
    • Recent Assignments – Audit of Projects
    • Recent Assignments – Management Consultancy
  • Media Centre
    • News
    • Downloads
  • Contact Us
    • Staff Email

2019 BUDGET STATEMENT AND ECONOMIC POLICY PRESENTED TO THE PARLIAMENT OF GHANA ON THURSDAY 19TH NOVEMBER 2018 PROPOSED TAX ISSUES

Below is a summary of tax policies intended to be implemented by the Government of Ghana in 2019 as stated in the 2019 Budget and Economic Policy

SUMMARY

TAX POLICY INITIATIVES

  • Increase the tax free threshold from GH¢261.00 a month to the Minimum Monthly wage level of GH¢ 10.65 per day, by amending the First Schedule of Income Tax Act, 2015 (Act 896) as amended.
  • Revise the Income Tax Band for Resident Individuals by introducing a monthly tax rate of 30% for monthly chargeable income exceeding GH¢20,000.00. This will replace the 35% tax rate for monthly chargeable income exceeding GH¢10,000.00 which was introduced in August 2018
  • Government support and incentives to local textile manufactures to enable them compete with imported products. Measures include the use of Tax Stamps and charging supplies at Zero rate.
  • Encourage the use of electronic vehicles as a means of protecting the environment.
  • Providing tax incentives for business entities that take part in Government’s flagship programs for industrialization. Such incentives include tax holidays and exemptions from import taxes.
  • Implementation of Ecowas Common tariffs to address cross-border smuggling and combat dumping.
  • Simplify collection of tax from small-scale miners by shifting the withholding tax point to the point of export.
  • Address loopholes and lapses in the administration of taxes in the mining industry.

IMPROVE REVENUE MEASURES

  • Intensify Tax Compliance measures and recovery of Tax Debt – Government intends to take both administrative and legal measures to recover taxes which are in arrears.

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TAX CIRCULARS ON 2019 BUDGET STATEMENTS

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