(1) Employers’ Annual Tax Deduction Schedule.
This schedule shows all the details of the individual employees’ tax. This is made up of:
(A) Name of Employer: This is the name of the Employer
(B) Employer’s NEW TIN: This is the new 11 digit TIN of the Employer
(C) Employer’s OLD TIN: This is the old 10 digit TIN of the Employer
(D) Year
1.
2.
3.
4.
for which the tax details are relate
Serial Number of Staff (This is the numerical listing of all Employees)
Name of Employee : This is the name of the employee
Employee TIN: This is the new 11 digit TIN of the Employee
Position: This is the position, grade or rank of the employee. For Fresh
Graduates, mark (X) in this column
5.
Non-Resident: If non-resident, tick this column
6.
Basic salary: This is the income represented by the yearly salary paid to an employee and applicable to the grade, rank and position of the employee without the
addition of any allowances or benefits paid in kind.
7.
Secondary Employment: Indicate with a tick whether the employee is on secondary employment
8. Social Security Fund: This is the amount of Social security contributed by the employee and this must not be more than 5.5% of the employee’s basic salary
9.
Approved Provident Fund (the third tier pension scheme): This is the amount contributed by the employee in respect of a scheme that has been approved by the
National Pensions Regulatory Authority (NPRA) and for which the Commissioner – General has granted the tax relief. The total amount claimable is limited to the
employee’s contribution to the scheme and must not be more than 16.5% of the employee’s yearly basic salary
10. Cash Allowances: This is the sum of all cash allowances other than the employee’s basic salary
11. Bonus Income (up to 15% of Basic Salary): This is up to 15% of the employees basic salary and is subject to a concessionary tax rate
12. Final Tax on Bonus: This is the final tax of 5% of the employee’s basic salary
13. Excess bonus: This is the difference between the bonus paid and 15% of the employee’s basic salary.
14. Total cash emolument: this is the sum of the basic salary, cash allowances and excess bonus (4+8+9)
15. Accommodation element: Use the table in the second schedule of Internal Revenue Act, 2000 (Act 592) as amended to determine this benefit in kind
16. Vehicle element: Use the table in the second schedule of Internal Revenue Act, 2000 (Act 592) as amended to determine this benefit in kind.
17. Non-cash benefits: This is the sum of all cash equivalent of benefits other than cash (e.g. cost of detergents, toilet rolls, utility bills etc)
18. Total Assessable Income: This is the sum of total cash emolument, accommodation and vehicle elements, and non-cash benefits
19. Deductible Reliefs: This is the sum of allowable pension reliefs granted to the employee (this is made up of : SSF, Approved 3rd Tier Scheme(if applicable)
20. Total Reliefs: This is the sum of allowable pension reliefs granted to the employee (this is made up of : SSF, Approved 3rd Tier Scheme(if applicable) and all applicable
upfront reliefs under section 39 of Act 592 as amended and Regulation 32 of the Internal Revenue Regulation 2001 as amended)
21. Chargeable Income: This is the total assessable income less total reliefs
22. Tax deductible: This is the value of tax on total taxable emolument using the rates in the First schedule of Internal Revenue Act, 2000 (Act 592) as amended.
23. Over time Income: This is the value of overtime paid to a Qualifying Junior Employee whose qualifying Employment income is not more than GHC9,800 per year
24. Over time Tax : This is a final tax based on a concessionary rate under Regulation 28(1) of the Internal Revenue Regulation 2001 as amended )
25. Total Tax Payable to GRA: This is the sum of all taxes deducted from the employee’s income and paid to GRA (it is made up of: final tax on bonus + final tax on over
time + tax deducted from employment income)
26. Severance Pay: this is an amount paid to an employee for the loss of employment as a result of re-organisation , amalgamation etc. (this amount is exempt from tax)
27. Remarks: This is any relevant information