INCOME TAX (AMENDMENT) ACT,2016 ct 907 ARRANGEMENT OF SECTIONS Sections 1. Seotion 7 of Act 896 amended 2. First Scheduleto Aet 896 amended 3. Sixth Schedule ro Aet 896 amendedAct 907 ‘Tae NINE HUNDRED AND SEVENTH ACT OF THE PARLIAMENT OF THE REPUBLIC OF GHANA ENTITLED INCOME TAX (AMENDMENT) ACT, 2016 AN ACT to amend the Income Tax Act, 2015 (Act 896) to provide for the exemption fiom tax of interest paid to an individual by a resident financial institution or to an individua. on bonds issued by the Goverment of Ghana; to provide for a reduction in withholding tax on service fees paid fo a resident person and to provide for related mater. DATEOF ASSENT: 18th Feruary, 2016 PASSED by Parliament and assented to by the President: Section 7 of Act 896 amended ‘The Income Tax Act, 2015 (Act 896) referred ta inthis Act as the incipal enactment” is amended in subsection (1) of section 7 (@) by the deletion of “and” after paragraph (n); (@) by the deletion of “." andthe insertion of"; and” afer para- ‘raph (0); and @ by the insertion of new paragraphs (p) nd () as follows: “(interest paid to an individual 2INCOME TAX (AMENDMENT) ACT, 2015 Act 907 (by a resident financial institutien; or (i) om bonds issued by the Government of Ghana; and “@ the interest or dividend paid or credited to 4 holder or member fm an investment in an approved unit trust scheme or mutual fund is exempe”, First Schedule to Act 896 amended 2. The principal enactment is amended in the Fits Schedule by the substitution for (@ paragraph 8(1) (&) (i) of. “(vil) in the ease of lotery winning: @ Firse7,592 Nil (i) Exceeding 2,592 — 5 percent"; percent.” (©) paragraph (B)ANEKwi) of "(ui)_im the case of service fees referred to in section 116 @) @,7.5 percent”; and © paragraph (8)9) of “@) The rate of tax t be withheld from a section 85(2) is thre percent ofthe amount. Sixth Schedule to Act $96 amended 3. The principal enactment is amended in the Sixth Schedule by the Aeletion of subparagraph (3) of paragraph 6, yyment under Date of Gast notification: 18h February, 2016“ppntnaannmatn ey nomen rc