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- 4 Marks
Question
Explain TWO (2) circumstances under which withholding taxes are exempt.
Answer
- Contract Sum Below Threshold: If the contract sum for the supply of goods, works, or services does not exceed GH¢2,000 in the year, no withholding tax applies.
- Interest Received by Individuals: Interest received by an individual from a resident financial institution is exempt from withholding tax
- Tags: Corporate Tax, Tax Exemptions, Tax law, Withholding Tax
- Level: Level 2
- Topic: Withholding Tax Administration
- Series: AUG 2022
- Uploader: Theophilus