Income tax on rent, worked example, in Ghana

October 05, 2018

Non-resident couple´s rental income1
Monthly Rental Income2 1,500 6,000 12,000
Annual Rental Income 18,000 72,000 144,000
= Taxable Income 18,000 72,000 144,000
Income Tax3
Flat rate 8% 1,440 5,760 11,520
Annual Income Tax Due 1,440 5,760 11,520
Tax Due as % of Gross Income 8.00% 8.00% 8.00%
Thanks to:
PKF

Notes


1 The property is jointly owned by husband and wife.

2 Exchange rate used: 1.00 US$ = 4.00 GHS

3 Gross rental income earned by nonresident invidiuals from leasing residential properties is taxed at a flat rate of 8%, withheld at source.
Gross rental income earned by nonresident individuals from leasing nonresidential properties is taxed at a flat rate of 15%, withheld at source.

 

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