TaxLawGHby MSL Business School
MSL Business SchoolBanks, insurers and financial services
Ghana Financial Services and Insurance Tax Centre
Navigate Ghana taxes affecting financial institutions, insurers, investment income, withholding and VAT.
Researched and explained by MSL Business School through TaxLawGH.
Research method
Reach the legal conclusion through a traceable evidence chain.
Begin with the exact activity and transaction, test any special sector regime, and then apply the general tax and administrative rules that remain relevant.
Identify the legal person, residence, business form and regulatory status.
Locate the supply, payment, asset, import or regulated activity within the sector.
Test any dedicated fiscal regime, levy, exemption or special procedure.
Apply income tax, VAT, withholding and administration rules that remain relevant.
Test source, permanent establishment, treaty and transfer-pricing issues where connected.
Keep the contracts, invoices, permits, customs, payroll and tax records needed for the conclusion.
Issue map
Start with the question, then open the full legal route.
The matrix prevents a sector, treaty or procedural label from replacing the classification work required by the law.
| Issue route | Question it resolves | Primary authority path | Evidence carried here |
|---|---|---|---|
| Financial Sector Recovery LevyOpen guide | Sector-specific levy rules. | Act 1067; Act 930; Act 915 | 3 verified records selected |
| Insurance business taxOpen guide | Income-tax and VAT treatment for insurance business. | Act 896; Act 1151; Act 915 | 5 verified records selected |
| Corporate income taxOpen guide | General company tax framework. | Act 896; Act 915; L.I. 2244; L.I. 2412 | 7 verified records selected |
| Withholding taxOpen guide | Investment and payment withholding rules. | Act 896; Act 915; L.I. 2244; applicable treaty where engaged | 3 verified records selected |
| VATOpen guide | The general VAT architecture. | Act 1151; Act 915; L.I. 2243; Acts 581 and 852 | 3 verified records selected |
| Stamp dutyOpen guide | Chargeable instruments and current bands. | Act 689; Act 1109; Act 915 | 3 verified records selected |
Primary legal spine
Connected instruments recorded in the TaxLawGH Citator.
Inclusion means the instrument is connected to at least one route in this centre. It does not by itself establish that every provision applies to every transaction.
| Instrument | Jurisdiction | Connected TaxLawGH routes | Citator record |
|---|---|---|---|
| Ghana's bilateral double taxation agreements in force | Ghana | ghana withholding tax | GH-LAW-028 |
| ECOWAS Supplementary Act on the avoidance of double taxationA/SA.6/12/18 | ECOWAS | ghana withholding tax | GH-LAW-001 |
| Financial Sector Recovery Levy Act, 2021Act 1067 | Ghana | ghana corporate income tax, ghana financial sector recovery levy, ghana tax deadlines | GH-LAW-004 |
| Growth and Sustainability Levy Act, 2023Act 1095 | Ghana | ghana corporate income tax, ghana growth sustainability levy, ghana mining tax | GH-LAW-006 |
| Stamp Duty (Amendment) Act, 2023Act 1109 | Ghana | ghana stamp duty, ghana tax rates | GH-LAW-045 |
| Value Added Tax Act, 2025Act 1151 | Ghana | ghana 2026 mid year budget review, ghana charitable ngo tax, ghana customs import duties | GH-LAW-009 |
| Ghana Education Trust Fund Act, 2000Act 581 | Ghana | ghana nhil getfund levy, ghana tax laws, ghana tax rates | GH-LAW-011 |
| Stamp Duty Act, 2005Act 689 | Ghana | ghana stamp duty, ghana tax deadlines, ghana tax laws | GH-LAW-013 |
| National Health Insurance Act, 2012Act 852 | Ghana | ghana nhil getfund levy, ghana tax laws, ghana tax rates | GH-LAW-017 |
| Income Tax Act, 2015Act 896 | Ghana | ghana 2026 mid year budget review, ghana bonus overtime tax, ghana capital allowance | GH-LAW-021 |
| Revenue Administration Act, 2016Act 915 | Ghana | ghana 2026 mid year budget review, ghana bonus overtime tax, ghana capital allowance | GH-LAW-022 |
| Banks and Specialised Deposit-Taking Institutions Act, 2016Act 930 | Ghana | ghana financial sector recovery levy | GH-LAW-056 |
| Value Added Tax Regulations, 2016L.I. 2243 | Ghana | ghana nhil getfund levy, ghana retail vat scheme, ghana vat | GH-LAW-029 |
| Income Tax Regulations, 2016L.I. 2244 | Ghana | ghana bonus overtime tax, ghana capital allowance, ghana corporate income tax | GH-LAW-030 |
| Transfer Pricing Regulations, 2020L.I. 2412 | Ghana | ghana corporate income tax, ghana free zones tax, ghana investment promotion authority act 2026 | GH-LAW-031 |
Proposition-level evidence
Verified answers, grouped by their source guide.
Each answer retains its Fact Registry identifier, authority label and source-guide route. Open the guide before applying an answer to facts that may engage an exception, amendment or different period.
Ghana Financial Sector Recovery Levy · 3 records
Did the levy automatically expire after 2024?
No. The Act permits a ministerial review after 2024 but does not state an automatic expiry.
Authority: Financial Sector Recovery Levy Act, 2021 (Act 1067); Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930); Income Tax Act, 2015 (Act 896); Revenue Administration Act, 2016 (Act 915)
Do rural and community banks pay the levy?
No. Act 1067 excludes rural banks and community banks.
Authority: Financial Sector Recovery Levy Act, 2021 (Act 1067); Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930); Income Tax Act, 2015 (Act 896); Revenue Administration Act, 2016 (Act 915)
Is the levy deductible for corporate income tax?
No. Act 1067 expressly denies a deduction when chargeable income is determined under Act 896.
Authority: Financial Sector Recovery Levy Act, 2021 (Act 1067); Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930); Income Tax Act, 2015 (Act 896); Revenue Administration Act, 2016 (Act 915)
Ghana Insurance Business Tax · 5 records
Are general and life insurance taxed the same way in Ghana?
No. Sections 89 and 90 prescribe different computations.
Authority: Income Tax Act, 2015 (Act 896); Value Added Tax Act, 2025 (Act 1151); Revenue Administration Act, 2016 (Act 915)
Are life-insurance premiums included in a life insurer's taxable income?
The premiums specified in section 90 are excluded from income under the life-business computation.
Authority: Income Tax Act, 2015 (Act 896); Value Added Tax Act, 2025 (Act 1151); Revenue Administration Act, 2016 (Act 915)
Does insurance income tax replace VAT?
No. Income tax, VAT, withholding and any sector levy are separate layers.
Authority: Income Tax Act, 2015 (Act 896); Value Added Tax Act, 2025 (Act 1151); Revenue Administration Act, 2016 (Act 915)
Is a policyholder's life-insurance gain taxable?
A gain paid by a resident insurer is exempt; a gain paid by a non-resident insurer is included in income.
Authority: Income Tax Act, 2015 (Act 896); Value Added Tax Act, 2025 (Act 1151); Revenue Administration Act, 2016 (Act 915)
Is an unexpired-risk reserve deductible for general insurance?
Section 89 permits the amount of the reserve for unexpired risk at the end of the basis period in the special general-insurance computation.
Authority: Income Tax Act, 2015 (Act 896); Value Added Tax Act, 2025 (Act 1151); Revenue Administration Act, 2016 (Act 915)
Corporate Income Tax in Ghana · 7 records
Are Ghana tax holidays currently taxed at 1%?
No. The 2023 amendment replaced the former 1% Sixth Schedule concessionary rate with 5%. A qualifying Free Zone developer or enterprise has an express exemption for its first ten years and is treated under that distinct rule.
Authority: Income Tax Act, 2015 (Act 896); Revenue Administration Act, 2016 (Act 915); Income Tax Regulations, 2016 (L.I. 2244); Transfer Pricing Regulations, 2020 (L.I. 2412)
How long can a company carry forward a tax loss in Ghana?
An unrelieved business loss may be used in the five years of assessment following the loss year, subject to source, continuity, ownership, ring-fencing and specialised sector rules.
Authority: Income Tax Act, 2015 (Act 896); Revenue Administration Act, 2016 (Act 915); Income Tax Regulations, 2016 (L.I. 2244); Transfer Pricing Regulations, 2020 (L.I. 2412)
Is accounting depreciation deductible for Ghana corporate income tax?
No. Accounting depreciation is added back in the tax computation. A qualifying company deducts capital allowance under the Third Schedule for depreciable assets it owns and uses in producing business income.
Authority: Income Tax Act, 2015 (Act 896); Revenue Administration Act, 2016 (Act 915); Income Tax Regulations, 2016 (L.I. 2244); Transfer Pricing Regulations, 2020 (L.I. 2412)
Is Ghana corporate income tax charged on turnover?
Corporate income tax is ordinarily charged on chargeable income, not turnover. After five consecutive loss years, the minimum-chargeable-income rule can use 5% of turnover as chargeable income, excluding the first five years after commencement and farming.
Authority: Income Tax Act, 2015 (Act 896); Revenue Administration Act, 2016 (Act 915); Income Tax Regulations, 2016 (L.I. 2244); Transfer Pricing Regulations, 2020 (L.I. 2412)
What are the Growth and Sustainability Levy rates?
Category A entities pay 5% of profit before tax, mining and upstream oil and gas companies pay 1% of gross production, and Category C entities pay 2.5% of profit before tax. The levy is separate from corporate income tax and is not deductible.
Authority: Income Tax Act, 2015 (Act 896); Revenue Administration Act, 2016 (Act 915); Income Tax Regulations, 2016 (L.I. 2244); Transfer Pricing Regulations, 2020 (L.I. 2412)
What creates a Ghanaian permanent establishment?
A Ghanaian permanent establishment includes a Ghana business place, substantial equipment or machinery, a construction, assembly or installation project lasting at least 90 days, services provided in Ghana, or functions performed by a dependent agent. An applicable tax treaty can provide a narrower threshold.
Authority: Income Tax Act, 2015 (Act 896); Revenue Administration Act, 2016 (Act 915); Income Tax Regulations, 2016 (L.I. 2244); Transfer Pricing Regulations, 2020 (L.I. 2412)
What is Ghana's fresh-graduate employment deduction?
A company receives an additional deduction for salary and wages paid to a fresh graduate from a recognised Ghanaian tertiary institution. The additional deduction is 10% where fresh graduates are up to 1% of the workforce, 30% where they are above 1% but not more than 5%, and 50% where they are above 5%.
Authority: Income Tax Act, 2015 (Act 896); Revenue Administration Act, 2016 (Act 915); Income Tax Regulations, 2016 (L.I. 2244); Transfer Pricing Regulations, 2020 (L.I. 2412)
Withholding Tax in Ghana · 3 records
Can a tax treaty reduce Ghana withholding tax?
Yes. Ghana has bilateral income-tax agreements and an ECOWAS multilateral agreement. A qualifying recipient receives the lower of the applicable Ghana domestic rate and the treaty ceiling. The payer must confirm that the agreement is in force and establish residence, beneficial ownership, the payment's treaty classification, any subject-to-tax or ownership condition, and whether the income is connected with a Ghanaian permanent establishment.
Authority: Income Tax Act, 2015 (Act 896), as amended; Ghana's bilateral double taxation agreements in force; ECOWAS Supplementary Act on the avoidance of double taxation (A/SA.6/12/18); Revenue Administration Act, 2016 (Act 915), as amended
Does Ghana still withhold tax on lottery winnings or unprocessed gold?
No. Withholding on lottery winnings and purchases of unprocessed gold is no longer in force. Commission paid to a lotto agent remains subject to 10% withholding. The 1.5% mineral-purchase rule covers unprocessed rough diamonds and any other mineral prescribed by Regulations.
Authority: Income Tax Act, 2015 (Act 896), as amended; Ghana's bilateral double taxation agreements in force; ECOWAS Supplementary Act on the avoidance of double taxation (A/SA.6/12/18); Revenue Administration Act, 2016 (Act 915), as amended
How does a non-resident obtain a Ghana treaty withholding rate?
The non-resident completes a Certificate of Residence endorsed by the tax authority of its country of residence and submits a formal application to the Commissioner-General with the relevant contract, shareholding evidence or loan agreement. After the GRA issues its approval or ruling, the non-resident gives a copy to the Ghanaian withholding agent so the approved treaty rate is applied.
Authority: Income Tax Act, 2015 (Act 896), as amended; Ghana's bilateral double taxation agreements in force; ECOWAS Supplementary Act on the avoidance of double taxation (A/SA.6/12/18); Revenue Administration Act, 2016 (Act 915), as amended
Value Added Tax in Ghana · 3 records
Are the former 3% and 5% VAT Flat Rate Schemes still in force?
No. The former 3% flat-rate scheme for supplies of goods and the former 5% flat-rate scheme for specified supplies of immovable property were removed from 1 January 2026. The separate Retail VAT Scheme is available only to a taxable retailer that first obtains the Commissioner-General's written approval.
Authority: Value Added Tax Act, 2025 (Act 1151); National Health Insurance Act, 2012 (Act 852), as amended; Ghana Education Trust Fund Act, 2000 (Act 581), as amended; Revenue Administration Act, 2016 (Act 915), as amended
How do I calculate VAT on GHS 1,000?
VAT is GHS 150, NHIL is GHS 25 and GETFund Levy is GHS 25. The tax-inclusive total is GHS 1,200.
Authority: Value Added Tax Act, 2025 (Act 1151); National Health Insurance Act, 2012 (Act 852), as amended; Ghana Education Trust Fund Act, 2000 (Act 581), as amended; Revenue Administration Act, 2016 (Act 915), as amended
How do I remove VAT from a tax-inclusive price?
Where the price includes the full standard 20% stack, divide the inclusive amount by 1.20 to find the taxable value. The combined tax is one-sixth of the inclusive amount.
Authority: Value Added Tax Act, 2025 (Act 1151); National Health Insurance Act, 2012 (Act 852), as amended; Ghana Education Trust Fund Act, 2000 (Act 581), as amended; Revenue Administration Act, 2016 (Act 915), as amended
Stamp Duty in Ghana · 3 records
Are share transfers exempt?
The general exemptions include a transfer of shares in a company, but the exact instrument and any other document in the transaction must still be classified.
Authority: Stamp Duty Act, 2005 (Act 689)
How soon should an instrument be stamped?
The general post-execution cure rule allows two months, and two months from first receipt in Ghana for an instrument first executed abroad. Special instrument rules may be shorter.
Authority: Stamp Duty Act, 2005 (Act 689)
Is an unstamped agreement automatically void?
Do not state the rule that broadly. Act 689 governs duty and restricts evidential or other use of a chargeable unstamped instrument, while also providing mechanisms to stamp and cure it.
Authority: Stamp Duty Act, 2005 (Act 689)
Judicial authority
Cases with a direct subject connection.
The holding shown is the verified Case Library summary. Later appellate history, the material facts and the law for the disputed period remain essential.
Republic v High Court (Financial and Economic Division), Accra; Ex parte Afia African Village Limited (Commissioner-General, Ghana Revenue Authority, interested party)
GRA's written refusal of a tax refund was a tax decision that had to pass through the statutory objection and appeal route before supervisory relief was sought.
Read the case recordMultichoice Ghana Limited v Commissioner, Internal Revenue Service
Under repealed SMCD 5, subscription receipts invested at interest remained business income and qualifying television-business expenses were deductible from the aggregate.
Read the case recordBishop Daniel Obinim v Commissioner-General, Ghana Revenue Authority & Ecobank Ghana Limited
The Court dismissed a judicial-review challenge to GRA's third-party debtor notice.
Read the case recordBishop Daniel Obinim v Commissioner-General, Ghana Revenue Authority & Fidelity Bank Limited
The Court held that a taxpayer cannot challenge an assessment and associated bank recovery by ordinary writ while bypassing the objection and appeal route in Act 915.
Read the case recordRepublic v Ghana Revenue Authority, Ex parte Export Finance Company Limited (Universal Merchant Bank Limited, interested party)
The Court dismissed judicial review of GRA's objection decision and garnishment.
Read the case recordFrequently asked questions
Using this sector centre
What does the Ghana Financial Services and Insurance Tax Centre do?
It maps the sector's likely special rules and the general taxes and procedures that may still apply.
Does every business in the sector have the same treatment?
No. Entity, licence, residence, transaction, payment, asset and period can change the result.
How are the propositions verified?
Every displayed answer retains its Fact Registry record, authority labels and source-guide route.
Why must the general law still be checked?
A sector-specific regime displaces or modifies a general rule only to the extent the applicable legislation provides.