Income tax on rent, worked example, in Ghana
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| 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: |
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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.