The Ghana Revenue Authority, (GRA), has announced some amendments in the Income Tax Act 2015, Act 896, which grants tax reliefs to some category of people.

Those qualified to benefit under the amendment include workers with a minimum salary of 319 cedis, parents with three school going children, persons above 60 years, married couples and persons with two dependents above 60 years among others.

Speaking to Citi Business News on the tax reliefs, a Tax Consultant, Timore Francis Boi, urged Ghanaians who qualify to take advantage of the law.

“Initially, if you have three children, you are given a tax relief of 200 cedis per school going child for a year. Now the law has been amended to 600 cedis per child; that makes it 1,800 cedis. I think that is quite significant for parents to take advantage of,” he explained.

He added that the tax reliefs come in many forms targeted at groups or persons who have more financial responsibilities.

“The group include the aged, disabled or even the poor. For instance, per the Income Tax Act 2015, Act 896 which has been amended, if you are married, you benefit, if you are taking care of two dependents above 60 years, you qualify for 1,000 cedis per year,”

Mr. Boi stated that most people do not take advantage of the relief laws because they are unaware of its existence.

Even though tax relief may reduce revenue collection, Mr. Boi believes the reduction is insignificant. For him, the benefits outweighs the loss.

“I think we should look at its impact on the category of people identified. I think giving a tax relief to the disabled is a good initiative,” he said.

Source: Citinewsroom.com