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IN exercise of the powers
conferred on the Provisional
National Defence Council Secretary
responsible for Finance and
Economic Planning by section 36 of
the Investment Code, 1985 (P.N.D.C.L.
116) these Regulations are made
this 20th day of April, 1990.
Regulation 1—Existing Enterprises
to Benefit.
Any enterprise registered in Ghana
before the commencement of this
Instrument which undertakes
re-investment using profits from
the enterprise or loans for the
purpose of expanding or
rehabilitating such enterprises
shall qualify for the appropriate
incentives and benefits specified
in the Schedule to these
Regulations.
Regulation 2—Further
Qualification.
No enterprise to which regulation
1 is applicable shall qualify for
the benefits and incentives
provided in the regulation, unless
the amount of money involved in
the re-investment is at least
US$100,000.00 or its equivalent.
Regulation 3—Application.
(1) An enterprise referred to in
regulation 1 which wishes to
benefit from the incentives and
benefits specified therein shall
apply to the Ghana Investments
Centre (hereinafter referred to as
"the Centre") on an application
form provided for that purpose by
the Centre.
(2) There shall be paid for the
application form such fee as the
Centre shall determine.
(3) The enterprise shall on
completion of the forms forward
them to the Centre together with a
clear and concise statement as to
how the enterprise shall if
approved contribute to any of the
following objectives—
(a) real increases in national
revenue by way of capital outlay
for corporate tax, sales tax or
excise duties;
(b) the creation of employment
opportunities in Ghana;
(c) real savings on national
imports; or
(d) such other objectives as the
Centre may consider necessary for
achieving the object of the
Investment Code, 1985 (P.N.D.C.L.
116).
Regulation 4—Limitation of
Application of Regulations.
For the avoidance of doubt, these
Regulations shall not apply to any
enterprise registered after the
1st day of January, 1988.
Regulation 5—Commencement
These Regulations shall be deemed
to have come into force on the 1st
day of January, 1988 and shall
operate for a period of five years
only and shall then expire.
SCHEDULE
Applicable incentives and
benefits.
(a) granting of permission for
expansion or rehabilitation of the
enterprise;
(b) exemption from customs import
duties and other related charges
on plant, machinery, equipment and
accessories imported exclusively
to be used by the enterprise for
its expansion or rehabilitation or
both;
(c) exemption from customs import
duties and other related charges
on spare parts, not exceeding 10
per cent of the value for the
approved plant machinery, to be
used by the enterprise;
(d) investment allowance of 10 per
cent in the year of investment;
(e) recognition of any monies
(Ghanaian cedis or otherwise)
invested in the Scheme as foreign
investment, provided that such
monies are recognised and approved
by the Bank of Ghana as of
repatriable status;
(f) immigrant quota in respect of
the approved number of expatriate
personnel;
(g) personal remittance quota for
approved number of expatriate
personnel;
(h) exemption from Selective
Aliens Employment Tax Decree, 1973
(N.R.C.D. 201) for approved number
of expatriate personnel; and
(i)
any other relevant incentives and
benefits that are generally
applicable to all projects under
the Investment Code, 1985 (P.N.D.C.L.
116).
DR. KWESI BOTCHWEY
P.N.D.C. Secretary Responsible for
Finance and Economic Planning
Date of Gazette Notification: 22nd
June, 1990.
1989
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