Debt Recovery (Tema Oil Refinery Company) Fund Act, 2003 (Act 642)

This section establishes the Debt Recovery (Tema Oil Refinery Company) Fund.

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Jurisdiction: Ghana
Instrument: Act or statute
Citation: Act 642
Version: Undated source snapshot
Language: en
Official source: View official record ↗

accounting records annual reporting audit compliance bank account consumer pricing debt payment financial year fund administration fund disbursement fund establishment fund financing fund management funding funds transfer levies levy levy collection levy payment payment obligations payments petroleum product pricing petroleum products petroleum-products public finance +1 more

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Statute overview

About this statute

This section establishes the Debt Recovery (Tema Oil Refinery Company) Fund. The Fund’s purpose is to pay debts incurred by Tema Oil Refinery Company and the interest on those debts. The Fund’s money comes from the petroleum levy and other money allocated or approved by Parliament. Monies for the fund must be paid into the Fund established under section 1. The Minister manages the Fund and must ensure monies assigned to it are collected.

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Legal text

Provisions of Debt Recovery (Tema Oil Refinery Company) Fund Act, 2003 (Act 642)

Showing 16 of 16

1
Establishment of the fund
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AI-assisted research summary: This section establishes the Debt Recovery (Tema Oil Refinery Company) Fund.

Section 1—Establishment of the Fund There is established by this Act a Fund known as the Debt Recovery (Tema Oil Refinery Company) Fund which shall be a Fund under the Consolidated Fund.
2
Object of the fund
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AI-assisted research summary: The Fund’s purpose is to pay debts incurred by Tema Oil Refinery Company and the interest on those debts.

Section 2—Object of the Fund The object of the Fund is to finance the payment of debts incurred by Tema Oil Refinery Company and interest accruing on those debts.
3
Sources for the fund
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AI-assisted research summary: The Fund’s money comes from the petroleum levy and other money allocated or approved by Parliament.

Section 3—Sources for the Fund The monies for the Fund include (a) the levy imposed on petroleum products under section 8; (b) other monies that may be, (i) allocated by Parliament; (ii) received from any other source and approved by Parliament.
4
Bank Account of the fund
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AI-assisted research summary: Monies for the fund must be paid into the Fund established under section 1.

Section 4—Bank Account of the Fund Monies for the fund shall be paid into the Fund established under section 1.
5
Management of the fund
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AI-assisted research summary: The Minister manages the Fund and must ensure monies assigned to it are collected.

Section 5—Management of the Fund (1) The Fund shall be managed by the Minister. (2) The Minister shall ensure the collection of monies assigned to the Fund.
6
Disbursement of the fund
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AI-assisted research summary: The Fund money may be used only to pay debts incurred by Tema Oil Refinery Company and any interest on those debts, and the Minister must make a written arrangement for disbursement.

Section 6—Disbursement of the Fund (1) The monies assigned to the Fund shall only be disbursed for the purpose of payment of debts incurred by the Tema Oil Refinery Company and any interest accruing on those debts. (2) The Minister shall in writing provide an arrangement for the disbursement of monies from the Fund.
7
Refund of excess on recovery to public in reduction of petroleum products PART II—IMPOSITION OF DEBT RECOVERY LEVY AND ADMINISTRATION
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AI-assisted research summary: If an amount is collected above the full ex-refinery cost of Tema Oil Refinery Company on petroleum products, it may be passed on to consumers as a price reduction.

Section 7—Refund of Excess on Recovery to Public in Reduction of Petroleum Products Any amount collected in excess of the full ex-refinery cost of the Tema Oil Refinery Company on the petroleum product, may be passed on to the consumer in the form of price reduction on the petroleum products. PART II—IMPOSITION OF DEBT RECOVERY LEVY AND ADMINISTRATION
8
Imposition of debt recovery levy
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AI-assisted research summary: A debt recovery levy is imposed on listed petroleum products, payable by the recipient at the time of supply, and the supplier must account for the levy to the Commissioner of Customs, Excise and Preventive Service.

Section 8—Imposition of Debt Recovery Levy (1) There is imposed by this Act a debt recovery levy of the amount specified in column 2 of the Schedule in respect of the petroleum products specified in relation to them in column 1. (2) The debt recovery levy imposed under subsection (1) is payable by the person to whom the petroleum product is supplied to the supplier of the product at the time of the supply of the product. (3) The supplier is liable to account for the payment of the levy to the Commissioner of Customs, Excise and Preventive Service.
9
When levy is payable
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AI-assisted research summary: The levy under section 8(1) becomes payable when the petroleum product’s ex-refinery price is higher than its full cost recovery.

Section 9—When levy is Payable The levy imposed under section 8(1) becomes payable when the ex-refinery price of the petroleum product is in excess of the full cost recovery of the petroleum product.
10
Payment by the commissioner
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AI-assisted research summary: The Commissioner must pay the levy into the Fund immediately after receiving it.

Section 10—Payment by the Commissioner The Commissioner shall immediately upon receipt of the levy, pay the levy into the Fund established under Part I of this Act.
11
Application of customs, excise and preventive service law to this act
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AI-assisted research summary: The Customs, Excise and Preventive Service Law, 1993 (PNDCL 330) applies for collecting the levy under section 8.

Section 11—Application of Customs, Excise and Preventive Service Law to this Act The Customs, Excise and Preventive Service Law, 1993 (PNDCL 330) shall apply for the purposes of the collection of the levy imposed under section 8.
12
Accounts and audit
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AI-assisted research summary: The Minister must keep books of account and proper records for the Fund, and the Auditor-General must be able to approve their form. The Fund’s books must also be audited by the Auditor-General or an auditor the Auditor-General appoints.

Section 12—Accounts and Audit (1) The Minister shall cause to be kept books of account and proper records in relation to the Fund and the books of account and records shall be in such form as the Auditor-General may approve. (2) The books of account kept for the Fund under subsection (1) shall be audited by the Auditor-General or an auditor appointed by the Auditor-General.
13
Annual report to parliament
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AI-assisted research summary: The Minister must submit a report on the Fund to Parliament within three months after each financial year ends.

Section 13—Annual Report to Parliament The Minister shall within three months after the end of each financial year, submit a report on the Fund to Parliament.
14
Financial year
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AI-assisted research summary: The Fund must use the same financial year as the Government.

Section 14—Financial Year The financial year for the Fund shall be the same as the financial year of the Government.
15
Transfer of money
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AI-assisted research summary: Money in bank accounts that was levied, paid, and set aside for debts of the Tema Oil Refinery Company is transferred into the Fund established under section 1.

Section 15—Transfer of Money The total sum of money located in any bank immediately before the coming into force of this Act which constitutes monies levied and paid and any interest on them, in respect of petroleum products and set aside towards the payment of debts of the Tema Oil Refinery Company is hereby transferred into the Fund established under section 1.
16
Section 16
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AI-assisted research summary: This section defines key terms used in the Act and lists levy caps for specified petroleum products in the Schedule.

Section 16—Interpretation. In this Act unless the context otherwise requires, "Commissioner" means the Commissioner of Customs, Excise and Preventive Service; "ex-refinery cost" means the price for purchasing and processing unrefined petroleum products plus processing-related charges; "Fund" means the Debt Recovery (Tema Oil Refinery Company) Fund established under section 1; "levy" means the levy imposed under section 8; "Minister" means Minister responsible for Finance. "Ministry" means Ministry of Finance. SCHEDULE (Section 8) Debt Recovery Levy Column 1 Petroleum Products Column 2 ¢ Levy Premium not exceeding 500 per litre Kerosene not exceeding 350 per litre Gas Oil not exceeding 500 per litre Marine Gas Oil (MGO) not exceeding 500 per litre Residue Fuel (RFO) not exceeding 350 per litre Liquefied Petroleum Gas (LPG) not exceeding 500 per litre Premix not exceeding 500 per litre [Amended by the Debt Recovery (Tema Oil Refinery Company) Fund (Amendment) Act, 2006 (Act 713)] Date of Gazette Notification: 17th April, 2003.

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Debt Recovery (Tema Oil Refinery Company) Fund Act, 2003 (Act 642)

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