Skip to document content Skip to main menu Skip to search

National Fiscal Stabilization Levy Act, 2009

Act 785 of 2009

Repealed
This Act was repealed on 2012-04-20 by National Fiscal Stabilisation Levy (Repeal) Act, 2012.
National Fiscal Stabilization Levy Act, 2009
This is the version of this Act as it was when it was repealed.
Citation
Act 785 of 2009
Date
21 July 2009
Language
English
Publication
Download PDF (797.4 KB)
Related documents
Skip to document content
Ghana

National Fiscal Stabilization Levy Act, 2009

Act 785 of 2009

  1. [Repealed by National Fiscal Stabilisation Levy (Repeal) Act, 2012 (Act 841 of 2012) on 20 April 2012]
AN ACT to impose a special levy on specified companies and institutions in order to raise revenue for fiscal stabilisation of the Economy and to provide for related matters.ENACTED by the President and Parliament:

1. Imposition of levy on profits before tax of specified companies

There is imposed by this Act on the profits before tax of the com­panies and institutions specified in the Schedule to this Act, a levy of 5% for national fiscal stabilization.

2. Scope of application of levy

(1)Subject to subsection (2), the levy imposed under section 1 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.

3. Levy not deductible expense

The levy payable under this Act is not an allowable deduction for the purpose of ascertaining the income of a person under the Internal Revenue Act, 2000 (Act 592).

4. Profits affected

The levy is payable in respect of the profits before tax for years 2009 and 2010.

5. 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 judgment of the levy payable by the companies and institutions liable to pay the levy.
(2)The Commissioner 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 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 judgment.

6. Time of payment

The levy is payable quarterly starting from the end of September 2009.

7. Authority to collect levy

The levy shall be collected by the Internal Revenue Service.

8. Payment into consolidated fund

The Commissioner of Internal Revenue shall pay the monies collected under this Act into the Consolidated Fund.

9. Recovery of levy

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.

10. Amendment of Schedule

The Minister responsible for Finance may, by legislative instru­ment, amend the Schedule.

Schedule (section 1)

1.Banks (excluding rural and community banks)
2.Non-Bank Financial Institutions
3.Insurance companies
4.Communications companies liable to collect and pay the Communications Service Tax
5.Mining Companies
6.Breweries.
▲ To the top

History of this document

20 April 2012
31 December 2010 amendment not yet applied
31 December 2009 amendment not yet applied
21 July 2009 this version
Commenced
20 July 2009
Assented to