Income Tax (Amended) Bill 2022 passed

Income tax

Parliament passed the Income Tax (Amendment) Bill 2022 to amend the Income Tax Act 2015 (Act 896) to extend the tax exemption for five years on gains on the realization of shares listed on the Ghana Stock Exchange.

Mr Kwaku Kwarteng, Chairman of the Finance Committee of Parliament, moved the passage of the Income Tax (Amendment) Bill 2022 and was seconded by Dr Cassiel Ato Forson, Ranking Member of the Commission.

Among the objectives, the bill would extend the concession of the revenue stamp and vehicle income tax systems until the end of December 2022.

The Income Tax (Amendment) Bill 2022, which was first introduced in Parliament and read for the first time on Tuesday July 26, 2022, was returned by Mr. Alban Bagbin, President of the Parliament, for consideration and report by the 1992 Constitution and the Standing Orders of Parliament.

However, the finance committee met and determined that the bill was urgent and therefore certified that it must go through all the stages of passage in one day by article 106 (13) of the 1992 Constitution and Rule 119 of the Rules of Procedure. of Parliament.

The Bill contains two clauses of which Clause 1 amends Section 7 of the Act to provide for exemption from tax on gains derived from the realization of securities listed on the Ghana Stock Exchange until 31 December 2006.

“Article 2 amends the Sixth Schedule of Law 896 by providing for the suspension of quarterly income tax installments for the seated categories of persons for the first, second, third and fourth quarters of 2022”, a- he declared.

Mr Kwarteng told Parliament that after careful consideration, the Committee was of the view that the Bill was a step in the right direction as it sought to make the Ghana Stock Exchange attractive and bring some relief to businesses and investors. transport operators (Trotro drivers).

“Mr. Speaker, the Committee therefore recommends that the House concur in its report and enact the Income Tax (Amendment) Bill 2022 by the Constitution of 1992 and the Standing Orders of the House”, did he declare.

The Committee also observed that, as part of additional measures to provide relief to the most vulnerable members of society, the government has also suspended the payment of quarterly income tax installments for small businesses using the system income tax stamp and for trotro drivers using the vehicle income tax system. for the second, third and fourth quarters of 2021.

On Friday, July 22, Parliament also passed the Tax Exemptions Bill, 2022 to regulate the application of tax and other exemptions and provide for related matters.

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