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(1) The following are exempt from tax:

(a) the salary, allowances, facilities, pension and gratuity of the President in accordance with Article 68 (5) of the Constitution;

(b) the income of the Government of Ghana or a local authority, other than income from activities which are only indirectly connected with the Government or status of the local authority;

(c) the income of a public corporation, where

(i) that public corporation is not set up as a commercial venture; and

(ii) the income is from an activity that is directly connected with the status of that public corporation;

(d) pension;

(e) a capital sum paid to a person as compensation or a gratuity in relation to

(i) a personal injury suffered by that person; or

(ii) the death of another person;

(f) the income of a non-resident person from a business of operating ships or aircrafts, where the Commissioner-General is satisfied that an equivalent exemption is granted by the country of residence of that person to persons resident in this country;

(g) the income from cocoa of a cocoa farmer;

(h) the income of a person receiving instruction at an educational institution from a scholarship, exhibition, bursary or similar educational endowment;

(i) the income of an individual entitled to privileges to the extent provided for by

(i) the Diplomatic Immunities Act, 1962 (Act 148) or a similar enactment;

(ii) an Act giving effect to the Convention on the Privileges and Immunities of the United Nations and the Convention on the Privileges and Immunities of the Specialised Agencies of the United Nations;

(iii) an Act giving effect to a Convention, treaty or protocol conferring privileges and immunities on an officer of an African Union or Economic Community of West African States office or secretariat or an agency of the two institutions; or

(iv) Regulations made under an Act referred to in subparagraph (i), (ii) or (iii);

(j) the income of an individual to the extent provided for in an agreement between the Government of Ghana and a foreign government or a public international organisation for the provision of technical services to Ghana where

(i) the individual is a non-resident person or an individual who is resident in the country solely by reason of performing that service; and

(ii) the agreement has been ratified by Parliament in accordance with article 75 of the Constitution;

(k) a cost of living allowance, other than training allowance paid in place of salary for services rendered abroad by members of the Ministry of Foreign Affairs, and officers attached to official Ghanaian diplomatic or consular missions abroad;

(l) income from a temporary employment of an individual with the Government of Ghana, where

(i) that individual is not a citizen of the country;

(ii) the income is expressly exempt under the employment contract; and

(iii) the income is paid out of the Consolidated Fund;

(m) the income of an individual from employment in the public service of the government of a foreign country, where

(i) the individual is either a non-resident, or is resident in the country solely by reason of performing that employment;

(ii) the individual does not exercise any other employment or carry on a business in the country;

(iii) the income is payable from the public funds of the foreign country; and

(iv) the income is subject to tax in the foreign country;

(n) a state-owned or state-sponsored educational institution; [Amended by the Income Tax (Amendment) Act, 2016 (Act 907)]

(o) an institution or trust of a public character established by an enactment solely for the purpose of scientific research; and [Amended by the Income Tax (Amendment) Act, 2016 (Act 907)]

(p) interest paid to an individual

  (i) by a resident financial institution; or

  (ii) on bonds issued by the Government of Ghana;  [Inserted by the Income Tax (Amendment) Act, 2016 (Act 907)]

(q) the interest or dividend paid or credited to a holder or member on an investment in an approved unit trust scheme or mutual fund is exempt. [Inserted by the Income Tax (Amendment) Act, 2016 (Act 907)]

(r) interest paid to a non-resident person on bonds issued by the government of Ghana; [Inserted by the Income Tax (Amendment) (No.2) Act, 2016 (Act 924)]

(s) gains from the realisation of bonds issued by the Government of Ghana by a non-resident person; [Inserted by the Income Tax (Amendment) (No.2) Act, 2016 (Act 924)]

(t) gains from the realisation of securities traded on the Ghana Stock Exchange up to December 31st, 2021. [Inserted by the Income Tax (Amendment) Act, 2017 (Act 941)]

(u) the income of an approved unit trust scheme or mutual fund; and [Inserted by the Income Tax (Amendment) (No.2) Act, 2017 (Act 956)]

(v) the income of an approved Real Estate Investment Trust. [Inserted by the Income Tax (Amendment) (No.2) Act, 2017 (Act 956)]

(2) The Minister may, by legislative instrument, make Regulations to exempt a person, class of persons or income from tax.

(3) Subject to article 174 (2) of the Constitution, the Minister may grant a waiver or variation of tax imposed by this Act in favour of a person.

(4) Subsection (3) shall apply only where the tax liability of the person has already been ascertained.

(5) Despite any law to the contrary, an exemption shall not be provided from tax imposed by this Act and an agreement shall not be entered into that affects or purports to affect the application of this Act, except as provided for by this Act.