FOURTH REPUBLIC
National Fiscal Stabilisation Levy Act, 2013
Act 862
ARRANGEMENT OF SECTIONS
Section
1.
Imposition of Levy on profits before tax of
specified companies
2.
Scope of application of Levy
3.
Levy not an allowable deduction
4.
Profits affected by Levy
5.
Assessment of Levy payable
6.
Time of payment
7.
Authority to collect Levy
8.
Payment into Consolidated Fund
9.
Recovery of Levy
10.
Amendment of Schedule
11.
Interpretation
SCHEDULE
REPUBLIC OF GHANA
THE EIGHT HUNDRED AND SIXTY-SECOND
ACT
OF THE PARLIAMENT OF THE REPUBLIC OF GHANA ENTITLED
NATIONAL FISCAL STABILISATION LEVY ACT, 2013
AN ACT to impose a special levy to be known as the
National Fiscal Stabilisation Levy on specified
companies and institutions to raise revenue for
fiscal stabilisation of the economy and to provide
for related matters.
DATE OF ASSENT: 12th July, 2013.
PASSED by Parliament and assented to by the
President:
Imposition of levy on profits before tax of
specified companies
1. There is imposed by this Act, for the purpose of
national fiscal stabilisation, a National Fiscal
Stabilisation Levy of 5% on the profits before tax
of the companies and institutions specified in the
Schedule.
Scope of application of Levy
2. (1) Subject to subsection (2), the Levy imposed
under section I applies to the specified companies
and institutions despite any provision to the
contrary in any enactment relating to a tax holiday
or exemption from direct or indirect tax applicable
to a company or institution.
(2) The Levy imposed under section 1 does not apply
to rural or community banks.
Levy not an allowable deduction
3.
The Levy payable under this Act is not an allowable
deduction for
the purpose of ascertaining the chargeable income of
a person under the
Internal Revenue Act, 2000 (Act 592).
Profits affected by Levy
4.
The Levy is payable in respect of the profits before
tax for the 2013
and 2014 years of assessment.
Assessment of Levy payable
5.
(1) The Commissioner-General may, as soon as
practicable after the commencement of each of the
years of assessment referred to in section 4,
proceed to make provisional assessment, computed to
the best of the Commissioner-General's judgment, of
the Levy payable by the companies and institutions
liable to pay the Levy.
(2) The Commissioner-General shall, in determining
the Levy payable under subsection (1), consider 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 for 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-General 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-General's judgment.
Time of Payment
6.
(1) The Levy assessed for a year of assessment is
payable quarterly and is due on 31st March, 30th
June, 30th September and 3 l" December of
the year.
(2) For the 2013 year of assessment, the
proportionate quarterly payment is due on 30th
September and 31st December of the year.
Authority to collect Levy
7. The Levy shall be collected by the Ghana Revenue
Authority estab- lished under the Ghana Revenue
Authority Act, 2009 (Act 791).
Payment into Consolidated Fund
8.
The Commissioner-General of the Ghana Revenue
Authority shall pay all amounts collected under this
Act into the Consolidated Fund.
Recovery of Levy
9.
For the purpose of enforcing the recovery of the
Levy, the provisions of the Internal Revenue Act,
2000 (Act 592) relating to collection, enforcement,
refund and penalties shall apply to the collection
of the Levy as if the Levy is collected under Act
592.
Amendment of Schedule
10.
The Minister responsible for Finance may, by
legislative instrument, amend the Schedule.
Interpretation
11.
In this Act, unless the context otherwise requires,
"Commissioner-General" means the
Commissioner-General appointed under section 13 of
the Ghana Revenue Authority Act, 2009 (Act 791); and
"Levy" means the National Fiscal Stabilisation Levy
imposed under section 1.
SCHEDULE
(Section 1)
Companies and institutions liable to pay National
Fiscal Stabilisation Levy
1.
Banks (excluding rural and community banks)
2.
Non-Bank Financial Institutions
3.
Insurance companies
4.
Telecommunications companies liable to collect and
pay the
Communications Service Tax under the Communications
Service Tax Act, 2008 (Act 754)
5.
Breweries
6.
Inspection and valuation companies
7.
Companies providing mining support services
8.
Shipping lines, maritime and airport terminals.
Date of Gazette notification: 15th July,
2013.
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