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(1) The assessable income of a person for each year of assessment is the income of that person from any employment, business or investment.

(2) The assessable income of a person for a year of assessment from any employment, business or investment is

(a) in the case of a resident person, the income of that person from each employment, business or investment for the year, whether or not the source from which the income is derived has ceased; and

(b) in the case of a non-resident person,

(i) the income of that person from the employment, business or investment for the year, to the extent to which that income has a source in this country; and

(ii) where the person has a Ghanaian permanent establishment, income for the year that is connected with the permanent establishment, irrespective of the source of the income.

(3) The income of a person from an employment, business or investment has a source in this country if the income accrues in or is derived from this country.

(4) A person who is determining the assessable income of that person or of another person shall, determine the assessable income for each class of income separately.