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NATIONAL RECONSTRUCTION LEVY ACT,
2001 (ACT 597)
As amended
ARRANGEMENT OF SECTIONS
Section
1. Imposition of Levy on Profits
Before Tax of Companies
1A. Levy Applicable to Exempted
Companies
2. Imposition of Levy on Specified
Institutions
3. Levy not Deductible Expense
4. Profits Affected
4A. Assessment of Levy payable
5. Time of Payment
6. Authority to Collect Levy
7. Payment into Consolidated Fund
8. Recovery of Levy
9. Amendment of Schedule
SCHEDULE
Part A
Part B
Part C
THE FIVE HUNDRED AND
NINETY-SEVENTH
ACT OF THE PARLIAMENT OF THE
REPUBLIC OF GHANA
ENTITLED
THE NATIONAL RECONSTRUCTION LEVY
ACT, 2001
AN ACT to impose a special levy on
companies for national
reconstruction and to provide for
related matters.
DATE OF ASSENT: 17th April, 2001.
BE IT ENACTED by Parliament as
follows:
Section 1—Imposition of Levy on
Profits Before Tax of Companies.
There is imposed by this Act on
the profits before tax of all
companies other than those
specified in section 2 a levy of
"1.5%" for national
reconstruction. [As substituted by
National Reconstruction Levy
(Amendment) Act, 2005 (Act 687) s.
1].
Section 1A.—Levy Applicable to
Exempted Companies.
(1) For the avoidance of doubt,
the levy imposed under section 1
shall, subject to subsection (2),
apply to all companies
notwithstanding any provision to
the contrary in any enactment
relating to a tax holiday or
exemption from direct or indirect
tax applicable to a company.
(2) The levy imposed under section
1 shall not apply to rural or
community banks. [As inserted by
National Reconstruction Levy
(Amendment) Act, 2002 (Act 619),
s.1].
Section 2—Imposition of Levy on
Specified Institutions
There is imposed on the profits
before tax on the institutions
(a) specified in Part A of the
Schedule to this Act a levy of
“7½%”,
(b) specified in Part B of the
Schedule to this Act a levy of
“5%”.
(c) specified in Part C of the
Schedule to this Act, a levy of
"3.5%". [As inserted by the
National Reconstruction Levy
(Amendment) (No.2) Act, 2003 (Act
648), s.(a) and further amended by
National Reconstruction Levy
(Amendment) Act, 2005 (Act 687) s.
2].
Section 3—Levy not Deductible
Expense.
The levy payable under this Act
shall not be an allowable
deduction for the purpose of
ascertaining the income of any
person under the Internal Revenue
Act, 2000 (Act 592).
Section 4—Profits Affected.
The levy imposed by this Act shall
be payable in respect of profits
before tax for the years 2001,
2002, 2003, 2004 and 2005. [As
substituted by the National
Reconstruction Levy (Amendment)
Act, 2003 (Act 637), s.1].
Section 4A—Assessment of Levy
Payable.
(1) The Commissioner may as soon
as practicable after the
commencement of the years referred
to in section 4, proceed to make
provisional assessment computed to
the best of the Commissioner's
judgement of the levy payable by
companies or institutions liable
to pay the levy imposed under this
Act.
(2) The Commissioner shall in
arriving at the levy payable under
subsection(1) have regard to the
profits before tax of the company
or institution for the two
preceding years of assessment
before the current year of
assessment.
(3) Where the company or
institution
(a) has not been assessed to tax
in the two preceding years of
assessment; or
(b) has not furnished a return or
an estimate
in accordance with section 72 or
78 of the Internal Revenue Act,
2000 (Act 592) the Commissioner
may proceed to make a provisional
assessment of the levy payable
under this Act by that company or
institution to the best of the
Commissioner's judgement. [As
inserted by the National
Reconstruction Levy (Amendment)
Act, 2003 (Act 637), s.2].
Section 5—Time of Payment.
The levy imposed by this Act shall
be payable quarterly starting from
the end of March 2001.
Section 6—Authority to Collect
Levy.
The levy imposed by this Act shall
be collected by the Internal
Revenue Service.
Section 7—Payment into
Consolidated Fund.
The Commissioner of Internal
Revenue shall pay all levies
collected into the Consolidated
Fund.
Section 8—Recovery of Levy
For the purpose of enforcing the
recovery of the levy imposed by
this Act the provisions of the
Internal Revenue Act, 2000 (Act
592) relating to collection,
refund, enforcement and penalties
shall apply to the collection of
the levy under this Act as if the
levy is collected under Act 592.
[As amended by the National
Reconstruction Levy (Amendment)
Act, 2003 (Act 637), s.3].
Section 9—Amendment of Schedule.
The Minister for Finance may by
legislative instrument amend the
Schedule.
SCHEDULE
(Section 2)
PART A
1. Ghana Commercial Bank Ltd.
2. Standard Chartered Bank Ghana
Ltd.
3. Barclays Bank of Ghana Ltd.
4. SSB Bank Ltd.
5. Ecobank Ghana Ltd.
6. Agricultural Development Bank
7 Merchant Bank Ghana Ltd.
8. National Investment Bank Ltd.
9. Social Security and National
Insurance Trust
10. State Insurance Company Ltd.
11. Enterprise Insurance Company
Ltd.
12. Ghana Union Assurance Company
Ltd.
13. Vanguard Assurance Company
Ltd.
14. Metropolitan Insurance Company
Ltd.
15. Provident Insurance Company
Ltd.
16. Ghana Reinsurance Company Ltd.
PART B
1. The Trust Bank Ltd.
2. CAL Merchant Bank Ltd.
3. Prudential Bank Ltd.
4. First Atlantic Merchant Bank
Ltd.
5. Metropolitan and Allied Bank
Ltd.
6. International Commercial Bank
Ltd.
7. Stanbic Bank Ltd.
8. Amalgamated Bank Ltd.
9. Unibank Ghana Ltd.
10. Donewell Insurance Company
Ltd.
11. Phoenix Insurance Company Ltd.
12. Quality Insurance Company Ltd.
13. Unique Insurance Company Ltd.
14. CDH Insurance Company Ltd.
15. Network Assurance Company Ltd.
16. Ghana Life Insurance Company
Ltd.
17. Star Assurance Company Ltd.
18. Gemini Life Insurance Company
Ltd.
19. Beacon Insurance Company Ltd.
20. Inter-Life and General
Insurance Company Ltd.
21. Mainstream Reinsurance Company
Ltd.
PART C
1. Home Finance Company Ltd.
2. Ghana Leasing Company Ltd.
3. General Leasing Company Ltd.
4. Export Finance Company Ltd.
5. CAL Brokers Ltd.
6. Consolidated Asset Management
7. Databank Brokerage Ltd.
8. EBG Stockbrokers Ltd.
9. First Atlantic Brokers Ltd.
10. Gold Coast Securities Ltd.
11. Merban Stockbrokers
12. National Trust Holding Co.
Ltd.
13. New World Investment Ltd.
14. SEM Securities Limited
15. SDC Brokerage Services Ltd.
16. Sterling Securities Ltd.
17. Strategic African Securities
Ltd.
18. Consolidated Discount House
19. Equator Financial Services
Ltd.
20. LeasAfric Ghana Ltd.
21. NDK Financial Services
22. Securities Discount Company
Ltd.
23. SEM Financial Group Ltd.
24. Venture Fund Management Co.
Ltd.
25. City Investment Co. Ltd.
26. Ivory Finance Co. Ltd.
27. Oak Financial Service Ltd.
28. 1st African Financial Services
29. Sikaman Savings and Loans Bank
30. KBA Investments Limited
31. Data Bank Research and
Information
32. Unique Trust Financial Service
33. CAL Investments Limited
34. CDH Discount Limited
35. CDH Asset Management Limited
36. CDH Financial Holdings Limited
37. CDH Securities Limited
38. Midland Savings and Loans Co.
Limited
39.
City
Savings and Loans Limited
40. Data Bank Asset Management
Limited
41. Data Bank Financial Holding
42. Development Finance Company
Limited
43. EBG Investment Holdings
Limited
44. Money Transfer Institutions.
[As inserted by the National
Reconstruction Levy (Amendment)
(No.2) Act, 2003 (Act 648), s.(b)].
Date of Gazette Notification:
11th May, 2001.
NATIONAL RECONSTRUCTION LEVY ACT,
2001 (ACT 597)
As amended by
NATIONAL RECONSTRUCTION LEVY
(AMENDMENT) ACT, 2002 (ACT 619)1
NATIONAL RECONSTRUCTION LEVY
(AMENDMENT) ACT, 2003 (ACT 637)2
NATIONAL RECONSTRUCTION LEVY
(AMENDMENT) (NO. 2) ACT, 2003 (ACT
648)3
NATIONAL RECONSTRUCTION LEVY
(AMENDMENT) ACT, 2005 (ACT 687).4
ARRANGEMENT OF SECTIONS
Section
1. Imposition of Levy on Profits
Before Tax of Companies
1A. Levy Applicable to Exempted
Companies
2. Imposition of Levy on Specified
Institutions
3. Levy not Deductible Expense
4. Profits Affected
4A. Assessment of Levy payable
5. Time of Payment
6. Authority to Collect Levy
7. Payment into Consolidated Fund
8. Recovery of Levy
9. Amendment of Schedule
SCHEDULE
Part A
Part B
Part C
THE FIVE HUNDRED AND
NINETY-SEVENTH
ACT
OF THE PARLIAMENT OF THE REPUBLIC
OF GHANA
ENTITLED
THE NATIONAL RECONSTRUCTION LEVY
ACT, 2001
AN ACT to impose a special levy on
companies for national
reconstruction and to provide for
related matters.
DATE OF ASSENT: 17th April, 2001.
BE IT ENACTED by Parliament as
follows:
Section 1—Imposition of Levy on
Profits Before Tax of Companies.
There is imposed by this Act on
the profits before tax of all
companies other than those
specified in section 2 a levy of
"1.5%" for national
reconstruction. [As substituted by
National Reconstruction Levy
(Amendment) Act, 2005 (Act 687) s.
1].
Section 1A.—Levy Applicable to
Exempted Companies.
(1) For the avoidance of doubt,
the levy imposed under section 1
shall, subject to subsection (2),
apply to all companies
notwithstanding any provision to
the contrary in any enactment
relating to a tax holiday or
exemption from direct or indirect
tax applicable to a company.
(2) The levy imposed under section
1 shall not apply to rural or
community banks. [As inserted by
National Reconstruction Levy
(Amendment) Act, 2002 (Act 619),
s.1].
Section 2—Imposition of Levy on
Specified Institutions
There is imposed on the profits
before tax on the institutions
(a) specified in Part A of the
Schedule to this Act a levy of
“7½%”,
(b) specified in Part B of the
Schedule to this Act a levy of
“5%”.
(c) specified in Part C of the
Schedule to this Act, a levy of
"3.5%". [As inserted by the
National Reconstruction Levy
(Amendment) (No.2) Act, 2003 (Act
648), s.(a) and further amended by
National Reconstruction Levy
(Amendment) Act, 2005 (Act 687) s.
2].
Section 3—Levy not Deductible
Expense.
The levy payable under this Act
shall not be an allowable
deduction for the purpose of
ascertaining the income of any
person under the Internal Revenue
Act, 2000 (Act 592).
Section 4—Profits Affected.
The levy imposed by this Act shall
be payable in respect of profits
before tax for the years 2001,
2002, 2003, 2004 and 2005. [As
substituted by the National
Reconstruction Levy (Amendment)
Act, 2003 (Act 637), s.1].
Section 4A—Assessment of Levy
Payable.
(1) The Commissioner may as soon
as practicable after the
commencement of the years referred
to in section 4, proceed to make
provisional assessment computed to
the best of the Commissioner's
judgement of the levy payable by
companies or institutions liable
to pay the levy imposed under this
Act.
(2) The Commissioner shall in
arriving at the levy payable under
subsection(1) have regard to the
profits before tax of the company
or institution for the two
preceding years of assessment
before the current year of
assessment.
(3) Where the company or
institution
(a) has not been assessed to tax
in the two preceding years of
assessment; or
(b) has not furnished a return or
an estimate
in accordance with section 72 or
78 of the Internal Revenue Act,
2000 (Act 592) the Commissioner
may proceed to make a provisional
assessment of the levy payable
under this Act by that company or
institution to the best of the
Commissioner's judgement. [As
inserted by the National
Reconstruction Levy (Amendment)
Act, 2003 (Act 637), s.2].
Section 5—Time of Payment.
The levy imposed by this Act shall
be payable quarterly starting from
the end of March 2001.
Section 6—Authority to Collect
Levy.
The levy imposed by this Act shall
be collected by the Internal
Revenue Service.
Section 7—Payment into
Consolidated Fund.
The Commissioner of Internal
Revenue shall pay all levies
collected into the Consolidated
Fund.
Section 8—Recovery of Levy
For the purpose of enforcing the
recovery of the levy imposed by
this Act the provisions of the
Internal Revenue Act, 2000 (Act
592) relating to collection,
refund, enforcement and penalties
shall apply to the collection of
the levy under this Act as if the
levy is collected under Act 592.
[As amended by the National
Reconstruction Levy (Amendment)
Act, 2003 (Act 637), s.3].
Section 9—Amendment of Schedule.
The Minister for Finance may by
legislative instrument amend the
Schedule.
SCHEDULE
(Section 2)
PART A
1. Ghana Commercial Bank Ltd.
2. Standard Chartered Bank Ghana
Ltd.
3. Barclays Bank of Ghana Ltd.
4. SSB Bank Ltd.
5. Ecobank Ghana Ltd.
6. Agricultural Development Bank
7 Merchant Bank Ghana Ltd.
8. National Investment Bank Ltd.
9. Social Security and National
Insurance Trust
10. State Insurance Company Ltd.
11. Enterprise Insurance Company
Ltd.
12. Ghana Union Assurance Company
Ltd.
13. Vanguard Assurance Company
Ltd.
14. Metropolitan Insurance Company
Ltd.
15. Provident Insurance Company
Ltd.
16. Ghana Reinsurance Company Ltd.
PART B
1. The Trust Bank Ltd.
2. CAL Merchant Bank Ltd.
3. Prudential Bank Ltd.
4. First Atlantic Merchant Bank
Ltd.
5. Metropolitan and Allied Bank
Ltd.
6. International Commercial Bank
Ltd.
7. Stanbic Bank Ltd.
8. Amalgamated Bank Ltd.
9. Unibank Ghana Ltd.
10. Donewell Insurance Company
Ltd.
11. Phoenix Insurance Company Ltd.
12. Quality Insurance Company Ltd.
13. Unique Insurance Company Ltd.
14. CDH Insurance Company Ltd.
15. Network Assurance Company Ltd.
16. Ghana Life Insurance Company
Ltd.
17. Star Assurance Company Ltd.
18. Gemini Life Insurance Company
Ltd.
19. Beacon Insurance Company Ltd.
20. Inter-Life and General
Insurance Company Ltd.
21. Mainstream Reinsurance Company
Ltd.
PART C
1. Home Finance Company Ltd.
2. Ghana Leasing Company Ltd.
3. General Leasing Company Ltd.
4. Export Finance Company Ltd.
5. CAL Brokers Ltd.
6. Consolidated Asset Management
7. Databank Brokerage Ltd.
8. EBG Stockbrokers Ltd.
9. First Atlantic Brokers Ltd.
10. Gold Coast Securities Ltd.
11. Merban Stockbrokers
12. National Trust Holding Co.
Ltd.
13. New World Investment Ltd.
14. SEM Securities Limited
15. SDC Brokerage Services Ltd.
16. Sterling Securities Ltd.
17. Strategic African Securities
Ltd.
18. Consolidated Discount House
19. Equator Financial Services
Ltd.
20. LeasAfric Ghana Ltd.
21. NDK Financial Services
22. Securities Discount Company
Ltd.
23. SEM Financial Group Ltd.
24. Venture Fund Management Co.
Ltd.
25. City Investment Co. Ltd.
26. Ivory Finance Co. Ltd.
27. Oak Financial Service Ltd.
28. 1st African Financial Services
29. Sikaman Savings and Loans Bank
30. KBA Investments Limited
31. Data Bank Research and
Information
32. Unique Trust Financial Service
33. CAL Investments Limited
34. CDH Discount Limited
35. CDH Asset Management Limited
36. CDH Financial Holdings Limited
37. CDH Securities Limited
38. Midland Savings and Loans Co.
Limited
39.
City
Savings and Loans Limited
40. Data Bank Asset Management
Limited
41. Data Bank Financial Holding
42. Development Finance Company
Limited
43. EBG Investment Holdings
Limited
44. Money Transfer Institutions.
[As inserted by the National
Reconstruction Levy (Amendment)
(No.2) Act, 2003 (Act 648), s.(b)].
Date of Gazette Notification:
11th May, 2001.
amended
by
NATIONAL RECONSTRUCTION LEVY
(AMENDMENT) ACT, 2002 (ACT 619)1
NATIONAL RECONSTRUCTION LEVY
(AMENDMENT) ACT, 2003 (ACT 637)2
NATIONAL RECONSTRUCTION LEVY
(AMENDMENT) (NO. 2) ACT, 2003 (ACT
648)3
NATIONAL RECONSTRUCTION LEVY
(AMENDMENT) ACT, 2005 (ACT 687).4
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