Ghana Amends Individual Income Tax Rates, Health Levy, Education Fund Levy, and Standard VAT Rate, and Introduces Luxury Vehicle Levy

On 1 August 2018, Ghana reportedly published in the Official Gazette the Income Tax (Amendment) Act 2018, the National Health Insurance (Amendment) Act 2018, the Ghana Education Trust Fund (Amendment) Act 2018, the Value Added Tax (Amendment) Act 2018, and the Luxury Vehicle Act 2018. The main measures of the Acts include:

• The introduction of a new top individual income tax rate of 35% for resident individuals, resulting in the following annual brackets/rates:
  • up to GHS 3,132 – 0%
  • over GHS 3…