Financial Sector Recovery Levy Act, 2021 🇬🇭

Ghana

Republic of Ghana

The one thousand and sixty-seventh

Act

of the parliament of the republic of ghana

entitled

Financial Sector Recovery Levy Act, 2021

Published by Government Gazette on 31 March 2021
Assented to on 31 March 2021
Commenced on 31 March 2021

AN ACT to impose a special levy to be known as the Financial Sector Recovery Levy on banks to raise revenue to support the financial sector reforms and to provide for related matters.PASSED by Parliament and assented to by the President

Imposition of Financial Sector Recovery Levy

1. Imposition of Levy on profit before tax of a bank

There is imposed by this Act a Financial Sector Recovery Levy of five percent on the profit before tax of a bank.

2. Application of Levy

Despite any provision to the contrary in an enactment relating to a tax holiday or an exemption from a direct tax or an indirect tax applicable to a bank, the Levy imposed under section 1 applies to a bank other than a rural bank or a community bank.

3. Levy not an allowable deduction

T…

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