Advice around the withholding of tax?

Question

Luke Liebzie asked: 
 What advice do you have for young freelancers regarding WITHHOLDING TAX? (Luke Liebzie, University of Ghana)

Paul · Answer

Luke Liebzie 
 A tricky question to answer as we probably don't have any experts on Ghanaian tax laws here... although I hope we do have!! 
 I would assume (as in many countries) that in Ghana, individuals and businesses are subject to income tax, which is based on their taxable income. Freelancers are considered self-employed individuals and are subject to the same income tax regulations as other self-employed persons. So on this basis there are probably common sense things to consider after I consulted an AI engine to help (so it could be hallucinating!):

Withholding Tax: When a resident person or business makes payments to another resident person or business for the supply of goods or provision of services, a withholding tax may be applicable. The person making the payment (withholding agent) is required to withhold a certain percentage of the payment (tax) and remit it to the Ghana Revenue Authority (GRA) within 15 days after the end of the month in which the payment was made.

Tax Rates: The withholding tax rates for payments to resident freelancers in Ghana vary depending on the type of service provided. As of 2021, some common rates were: 
 
 5% for goods and services 
 7.5% for management and technical service fees 
 15% for royalties and similar payments

Please note that these rates are subject to change, and you should consult the GRA or a tax professional for the most current rates.

Income Tax: Freelancers are responsible for reporting their income and paying the applicable income tax to the GRA. The income tax rates for individuals in Ghana are progressive, ranging from 0% to 30% based on income brackets.

Tax Identification Number (TIN): Freelancers must have a Tax Identification Number (TIN) to file their income tax returns and pay taxes in Ghana.

Value Added Tax (VAT): Freelancers may also need to register for VAT if their annual taxable supplies exceed the VAT registration threshold. As of 2021, the standard VAT rate in Ghana was 12.5%.

Please consult the most recent tax laws and regulations, or consult with a tax professional in Ghana for the most accurate and up-to-date information. I did find this website which might also be helpful as it could be more up to date with any recent changes: https://taxsummaries.pwc.com/ghana/individual/taxes-on-personal-income

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Advice around the withholding of tax?