Parliament approves withdrawal of 1% interest tax

Parliament on Wednesday February 6, 2016, approved the Income Tax Amendment Bill. The new Act, when signed by the President into law, will remove a recently imposed 1 percent tax on interests earned by investors, and also cut withholding tax from 15 percent to 7.5 percent. A blistering wave of sustained public anger forced the Mahama-government to rush to Parliament with the bill after a law passed last year, imposed what critics have called killer taxes, sparking fears that investments in Ghana could plummet and also suffocate businesses. It is not clear as to when Parliament will communicate it’s decision on the new act to the President for action, but insiders say the “House is likely to act with extreme urgency in notifying the President on the matter” given the “huge public, business and investor interest in the provisions of the new legislation.”

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