DEBT RECOVERY (TEMA OIL REFINERY
COMPANY) FUND ACT, 2003 (ACT 642)
ARRANGEMENT OF SECTIONS
Section
PART I—ESTABLISHMENT OF A DEBT
RECOVERY FUND
1. Establishment of the fund
2. Object of the fund
3. Sources for the fund
4. Bank Account of the fund
5. Management of the fund
6. Disbursement of the fund
7. Refund of excess on recovery to
public in reduction of petroleum
products
PART II—IMPOSITION OF DEBT
RECOVERY LEVY AND ADMINISTRATION
8. Imposition of debt recovery
levy
9. When levy is payable
10. Payment by the commissioner
11. Application of customs, excise
and preventive service law to this
act
12. Accounts and audit
13. Annual report to parliament
14. Financial year
15. Transfer of money
16. Interpretation
SCHEDULE
Schedule
THE SIX HUNDRED AND FORTY-SECOND
ACT OF THE PARLIAMENT OF THE
REPUBLIC OF GHANA
ENTITLED
DEBT RECOVERY (TEMA OIL REFINERY
COMPANY) FUND ACT, 2003
AN ACT to establish a Fund to
finance payment of debts incurred
by the Tema Oil Refinery Company;
to impose a debt recovery levy on
specified petroleum products and
to provide for related matters.
DATE OF ASSENT: 11th April, 2003.
BE IT ENACTED by Parliament s
follows:
PART I—ESTABLISHMENT OF A DEBT
RECOVERY FUND
Section 1—Establishment of the
Fund.
There is established by this Act a
Fund known as the Debt Recovery (Tema
Oil Refinery Company) Fund which
shall be a Fund under the
Consolidated Fund.
Section 2—Object of the Fund.
The object of the Fund is to
finance the payment of debts
incurred by Tema Oil Refinery
Company and interest accruing on
those debts.
Section 3—Sources for the Fund.
The monies for the Fund include
(a) the levy imposed on petroleum
products under section 8;
(b) other monies that may be,
(i)
allocated by Parliament;
(ii) received from any other
source and approved by Parliament.
Section 4—Bank Account of the
Fund.
Monies for the fund shall be paid
into the Fund established under
section 1.
Section 5—Management of the Fund.
(1) The Fund shall be managed by
the Minister.
(2) The Minister shall ensure the
collection of monies assigned to
the Fund.
Section 6—Disbursement of the
Fund.
(1) The monies assigned to the
Fund shall only be disbursed for
the purpose of payment of debts
incurred by the Tema Oil Refinery
Company and any interest accruing
on those debts.
(2) The Minister shall in writing
provide an arrangement for the
disbursement of monies from the
Fund.
Section 7—Refund of Excess on
Recovery to Public in Reduction of
Petroleum Products.
Any amount collected in excess of
the full ex-refinery cost of the
Tema Oil Refinery Company on the
petroleum product, may be passed
on to the consumer in the form of
price reduction on the petroleum
products.
PART II—IMPOSITION OF DEBT
RECOVERY LEVY AND ADMINISTRATION
Section 8—Imposition of Debt
Recovery Levy.
(1) There is imposed by this Act a
debt recovery levy of the amount
specified in column 2 of the
Schedule in respect of the
petroleum products specified in
relation to them in column 1.
(2) The debt recovery levy imposed
under subsection (1) is payable by
the person to whom the petroleum
product is supplied to the
supplier of the product at the
time of the supply of the product.
(3) The supplier is liable to
account for the payment of the
levy to the Commissioner of
Customs, Excise and Preventive
Service.
Section 9—When levy is Payable.
The levy imposed under section
8(1) becomes payable when the
ex-refinery price of the petroleum
product is in excess of the full
cost recovery of the petroleum
product.
Section 10—Payment by the
Commissioner.
The Commissioner shall immediately
upon receipt of the levy, pay the
levy into the Fund established
under Part I of this Act.
Section 11—Application of Customs,
Excise and Preventive Service Law
to this Act.
The Customs, Excise and Preventive
Service Law, 1993 (PNDCL 330)
shall apply for the purposes of
the collection of the levy imposed
under section 8.
Section 12—Accounts and Audit.
(1) The Minister shall cause to be
kept books of account and proper
records in relation to the Fund
and the books of account and
records shall be in such form as
the Auditor-General may approve.
(2) The books of account kept for
the Fund under subsection (1)
shall be audited by the
Auditor-General or an auditor
appointed by the Auditor-General.
Section 13—Annual Report to
Parliament.
The Minister shall within three
months after the end of each
financial year, submit a report on
the Fund to Parliament.
Section 14—Financial Year.
The financial year for the Fund
shall be the same as the financial
year of the Government.
Section 15—Transfer of Money.
The total sum of money located in
any bank immediately before the
coming into force of this Act
which constitutes monies levied
and paid and any interest on them,
in respect of petroleum products
and set aside towards the payment
of debts of the Tema Oil Refinery
Company is hereby transferred into
the Fund established under section
1.
Section 16—Interpretation.
In this Act unless the context
otherwise requires,
"Commissioner" means the
Commissioner of Customs, Excise
and Preventive Service;
"ex-refinery cost" means the price
for purchasing and processing
unrefined petroleum products plus
processing-related charges;
"Fund" means the Debt Recovery (Tema
Oil Refinery Company) Fund
established under section 1;
"levy" means the levy imposed
under section 8;
"Minister" means Minister
responsible for Finance.
"Ministry" means Ministry of
Finance.
SCHEDULE
(Section 8)
Debt Recovery Levy
Column 1 |
Column 2 |
Petroleum Products |
Levy |
Premium |
not exceeding ¢640 per litre |
Kerosene |
not exceeding ¢640 per litre |
Gas Oil |
not exceeding ¢640 per litre |
Marine Gas Oil (MGO) |
not exceeding ¢640 per litre |
Residue Fuel Oil (RFO) |
not exceeding ¢640 per litre |
Liquefied Petroleum Gas (LPG) |
not exceeding ¢640 per litre |
Premix |
not exceeding ¢640 per litre |
Date of Gazette Notification: 17th
Appril, 2003.
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