individuals and companies enjoying tax holidays are required to pay tax of 1 on

Individuals and companies enjoying tax holidays are

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individuals and companies enjoying tax holidays are required to pay tax of 1% on their chargeable income during the period of the concession An individual can deduct mortgage interest of only one residential premises during his/her lifetime Prof. M. Amidu, Dr. I. Bedi & Mr. A. Ali-Nakyea
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Temporary Concessions Activity 2 What is tax holiday available to the oil palm plantation farmer? Prof. M. Amidu, Dr. I. Bedi & Mr. A. Ali-Nakyea
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PERSONAL RELIEF Topic One Prof. M. Amidu, Dr. I. Bedi & Mr. A. Ali-Nakyea
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Personal Relief A tax relief is legally approved deductible allowance intended to reduce one’s taxable income and thereby lessens the tax burden. This means that tax relief reduce the tax liability and also lessens the tax burden on taxpayers Prof. M. Amidu, Dr. I. Bedi & Mr. A. Ali- Nakyea
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Personal Reliefs Type Limit Value (GHS) Dependent Relief Spouse or at least two children 200 Disability Relief Disability 25% of assessable income from business or employment Aged Relief 60years and above 200 Children Education Maximum of 3children 200 per child Aged- Dependent Maximum of 2 relatives =>60yr 100 per relative Education Relief Contribution to retirement funds Maximum of GHS400 Based on Basic Salary Cost of Training up to 400 5.5% of basic salary Prof. M. Amidu, Dr. I. Bedi & Mr. A. Ali-Nakyea
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Summary In this section, you have learnt to: explain tax exemption explained personal tax reliefs explain tax holidays explain the relationship between tax holidays, exemption and reliefs discuss the various tax holidays/industry concession list at least 4 location benefits of taxation Prof. M. Amidu, Dr. I. Bedi & Mr. A. Ali-Nakyea
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