The Income Tax proposals presented by the Minister of Finance in the 2017/2018 Budget Statement of Ghana, has been assented by the President.

The Income Tax (Amendment) (No. 2) Act, 2017 pegs the tax-free income of a resident individual at the new national minimum wage of GHc9.68 per day which came into effect 1 January 2018.

Annual Personal Income Tax Brackets:


The new Regulation on Compulsory Social Security, Decree No. 51/2017, of 09 October has recently been published and enters into force 30 days after publication, which is 8 January 2018.

Highlights of the new regulation:

  • Employers registered with the INSS has an obligation to notify the INSS about changes in taxpayer / beneficiary data.
  • Foreign nationals working in Mozambique must provide documentary evidence that they are enrolled in a social security system in another country in order to avoid being obliged to contribute to Mozambique’s National Social Security Institute (INSS).
  • Monthly payments of contributions to the INSS can be made from the 20th of the respective month up to the 10th of the following month.
  • Interest arising from late payment of contributions increases from 1% to 2% for each month of delay.
  • An individual is entitled to the full old age pension benefits when they have completed 420 months of contributions, irrespective of their age. The previous legislation required 300 months.
  • An individual is entitled to partial old age pension benefits when they reach the retirement age of 55 for women and 60 for men and have contributed for at least 240 months. Previous legislation required 120 months.
  • The base for the calculation of the social security contributions include, but is not limited to, base salary, income replacement compensation, seniority and management bonuses, other bonuses, productivity and attendance rewards paid on a regular basis, overtime remuneration, subsidies, commissions and other benefits of similar nature paid on a regular basis.


  • Nigeria has moved up 24 places from 169 to 145 on the 2018 World Bank’s ease of doing business ranking.
  • The 2018 budget deficit of about NGN2.005 trillion will be financed mainly through new borrowing of NGN1.699 trillion while the balance of NGN 306 billion is expected to come from the privatisation of non-oil assets.
  • Real GDP growth rate for the 2nd quarter of 2017 was 0.55%. The IMF projects a global growth of 3.7% for 2018.
  • There are no specific proposals to change, repeal or impose new taxes in 2018.


The Tunisian Parliament has approved the budget for the 2018 fiscal year in December 2017.

It forecasts the budget deficit to fall to 4.9% of gross domestic product in 2018, from about 6% expected in 2017. Tunisia aims to raise GDP growth to about 3% from 2.3% in 2017.

The parliament approved a rise of 1 percentage point in VAT and imposed a new 1% social security tax on employees and companies.

Note: This contribution will be used to finance the social security funds.

The draft Finance Law 2018 was published by the Ministry of Finance and has been validated by a restricted ministerial council. The Finance Law provides for the revision of the Schedule of Income Tax for Individuals (IRPP) by a 100 basis point increase in the tax rate on each income bracket.

The new tax scale for 2018 is included in the draft budget law and will come into effect from 1 January 2018 upon approval and publishing of such approval.


Zimbabwe’s Minister of Finance & Economic Development, Hon. P. A. Chinamasa (M.P.), presented his 2018 budget statement to the Parliament on 7 December 2017.

The key proposals contained in the draft Finance Bill and highlights of the budget are as follows:

  • The Budget deficit for 2018, given total revenues available for Appropriation by Parliament of US$5.071 billion, and total expenditure and net lending of US$5.743 billion, translate to a fiscal deficit of US$672 million, representing 3.5% of GDP.
  • The 2018 Budget also contains administrative measures to improve administration of tax exemption for development partners funded projects.
  • A second tax amnesty has been proposed, expiring on 30 June 2018.
  • Several sections in the Income Tax Act which previously resulted in penalties and interest, are proposed to be repealed.
  • No income tax changes were proposed.


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