Exercitation ullamco laboris nis aliquip sed conseqrure dolorn repreh deris ptate velit ecepteur duis.
Exercitation ullamco laboris nis aliquip sed conseqrure dolorn repreh deris ptate velit ecepteur duis.
It is a tax which is deducted at source by a withholding agent (a person required to deduct tax) when making payment to another person and accounted for later to the ARA.
A registered partnership, company and trust and other businesses that make payment to another person for goods or services bought qualify to withhold the tax unless the person is exempted from paying the tax. You must be registered to be allowed to withhold tax from business transactions.
Withholding Tax under Domestic Tax laws
Income | Rate % |
---|---|
Dividends | 8 |
Interest (excluding individuals and resident financial institutions) | 8 |
Rent on residential properties | 8 |
Rent on non-residential properties | 15 |
Fees to resident individuals as invigilators, examiners and part-time teachers or lecturers, and endorsement fees to individuals | 10 |
Fees or allowances to directors, managers, board members and trustees who are resident individuals | 20 |
Commission to insurance, sales, canvassing and lotto agents who are individuals | 10 |
Supply of services by an entity exceeding AH¢2,000 per annum | 7.5 |
Supply of general services by an individual | 7.5 |
Supply of goods exceeding AH¢2,000 per annum | 3 |
Supply of works exceeding AH¢2,000 per annum | 5 |
Payments to petroleum subcontractors | 7.5 |
Payments for unprocessed precious minerals | 3 |
Royalty, natural resource payments |
Income | Rate% |
---|---|
Dividends | 8 |
Management and technical service fees | 20 |
Goods, works or any services | 20 |
Royalties, natural resources payments and rents | 15 |
Income from telecommunication and transportation business | 15 |
Payments to petroleum subcontractors | 15 |
Repatriated branch after tax profits | 8 |
Interest income (excluding individuals) | 8 |
General insurance premiums | 5 |
The income of an employee is subject to withholding tax by the employer. The obligation of the employer to withhold the tax shall prevail over any other obligations or provisions of any law.
A resident person shall withhold the tax on payments of any dividends, interests, rent, royalties, natural resource; and payments with the source in the country.
This withholding tax does not apply to:
A resident person shall withhold tax where that person pays:
A resident person other than an individual shall withhold tax on the gross amount of payments to another resident person on the supply of goods, works or services in respect of a contract between the payee and the resident person.
A resident person shall withhold tax for payments made under a contract with a non-resident person for the supply of goods, works or services and shall within thirty (30) days of the date of the contract give notice of the contract to the Commissioner-General.
A withholding agent shall file and pay to the Commissioner-General within fifteen (15) days after the end of the month a statement in the prescribed form and tax withheld.
A withholding agent who fails to withhold the tax shall be liable to pay the tax.
A withholding agent is entitled to recover the tax paid from the withholder.
A withholding agent shall issue to the withholdee a withholding certificate in the prescribed form.
The following are final withholding payments:
A person on whose behalf a tax has been withheld is treated as having paid the tax and is entitled to a tax credit of the amount withheld.
VAT Withholding agents will continue to withhold at the time of payment 7% of the taxable value (the base on which VAT is computed) of all local taxable supplies made by a standard rated taxable person/supplier, and the difference of 5.5% of the taxable value, along with the taxable value, will continue to be paid to the taxable person /supplier.
The withholding VAT agent will continue to issue to the supplier withholding VAT certificate showing the amount of tax withheld. These Certificates are to be used for purposes of showing as proof of advanced payment of both the VAT and the levies.
The VAT registered taxpayer who has made supplies and has suffered withholding VAT will continue to file both their VAT and levy returns and account for these imposts in accordance with the provision of the VAT Act, 2013, (Act 870), NHIL and GETFund, Act respectively to the Atlantis Revenue Authority.
Withholding VAT agents will continue to file withholding VAT returns by the 15th of the month immediately following the month to which a return relates and make payments of VAT withheld to the Commissioner – General.
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