Financial Sector Recovery Levy Act, 2021 (Act 1067)

A Financial Sector Recovery Levy of 5% is imposed on a bank’s profit before tax.

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Jurisdiction: Ghana
Instrument: Act or statute
Citation: Act 1067
Version: Undated source snapshot
Language: en
Official source: View official record ↗

bank levy banking corporate income tax deductions definitions enforcement financial regulation financial sector fund remittance installments levy levy administration levy assessment levy collection payment collection payment deadlines penalties profit before tax refunds regulatory compliance tax administration tax compliance

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Statute overview

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A Financial Sector Recovery Levy of 5% is imposed on a bank’s profit before tax. The levy under section 1 applies to banks, except rural banks and community banks. The Levy cannot be deducted when calculating a person's chargeable income. The Levy is payable on profit before tax, and the Minister may review it after the 2024 year of assessment ends. Banks covered by the Act must submit an estimate of the Levy due for the year of assessment with their annual income tax estimate.

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Legal text

Provisions of Financial Sector Recovery Levy Act, 2021 (Act 1067)

Showing 12 of 12

1
Imposition of Levy on profit before tax of a bank
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AI-assisted research summary: A Financial Sector Recovery Levy of 5% is imposed on a bank’s profit before tax.

Section 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
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AI-assisted research summary: The levy under section 1 applies to banks, except rural banks and community banks.

Section 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
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AI-assisted research summary: The Levy cannot be deducted when calculating a person's chargeable income.

Section 3—Levy not an allowable deduction The Levy is not an allowable deduction for the purpose of ascertaining the chargeable income of a person under the Income Tax Act, 2015 (Act 896).
4
Profits affected by Levy
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AI-assisted research summary: The Levy is payable on profit before tax, and the Minister may review it after the 2024 year of assessment ends.

Section 4—Profits affected by Levy (1) The Levy is payable in respect of profit before tax. (2) The Minister may, at the expiration of the 2024 year of assessment, review the Levy.
5
Assessment of Levy payable
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AI-assisted research summary: Banks covered by the Act must submit an estimate of the Levy due for the year of assessment with their annual income tax estimate.

Section 5—Assessment of Levy payable (1) A bank covered under this Act shall submit an estimate of the Levy due for that year of assessment together with the annual income tax estimate of that bank. (2) Where the bank has not (a) been assessed for tax in the two preceding years of assessment, or (b) furnished (i) a return or an estimate in accordance with the Income Tax Act, 2015 (Act 896), or (ii) a statement of the estimated Levy payable in accordance with subsection (1) the Commissioner-General may proceed to make an assessment of the Levy payable by that bank.
6
Payment period of Levy Administration, Collection and Recovery of Levy
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AI-assisted research summary: The Levy for each assessment year must be paid quarterly by 31 March, 30 June, 30 September, and 31 December; for the 2021 assessment year, it is paid in three instalments by 30 June, 30 September, and 31 December 2021.

Section 6—Payment period of Levy (1) The Levy assessed for a year of assessment is payable on or before the following dates of each quarter of the year of assessment: (a) 31st March; (b) 30th June; (c) 30th September; and (d) 31st December. (2) Despite subsection (1), payment of the Levy for the 2021 year of assessment shall be made in three instalments on or before (a) 30th June, 2021; (b) 30 September, 2021; and (c) 31st December, 2021. Administration, Collection and Recovery of Levy
7
Administration of Levy
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AI-assisted research summary: The Commissioner-General must administer the Levy under the Revenue Administration Act, 2016 (Act 915).

Section 7—Administration of Levy The Commissioner-General shall administer the Levy in accordance with the Revenue Administration Act, 2016 (Act 915).
8
Collection of Levy
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AI-assisted research summary: The Ghana Revenue Authority is responsible for collecting the Levy.

Section 8—Collection of Levy The Ghana Revenue Authority is responsible for the collection of the Levy.
9
Payment of Levy into Consolidated Fund
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AI-assisted research summary: The Commissioner-General must pay the Levy collected under the Act into the Consolidated Fund.

Section 9—Payment of Levy into Consolidated Fund The Commissioner-General shall pay the Levy collected under this Act into the Consolidated Fund.
10
Recovery of Levy Miscellaneous Provisions
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AI-assisted research summary: Rules on collecting, enforcing, refunding, and penalizing levy payments are applied to this Levy as if it were collected under the cited tax laws.

Section 10—Recovery of Levy For the purpose of enforcing the payment of the Levy, the provisions of the Revenue Administration Act, 2016 (Act 915) and the Income Tax Act, 2015 (Act 896) relating to collection, enforcement, refund and penalties shall apply to the collection of the Levy as if the Levy is collected under the specified enactments. Miscellaneous Provisions
11
Regulations
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AI-assisted research summary: The Minister may make regulations by legislative instrument to implement this Act efficiently and effectively.

Section 11—Regulations The Minister may, by legislative instrument, make Regulations to provide for the efficient and effective implementation of this Act.
12
Section 12
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AI-assisted research summary: This section defines four terms used in the Act: bank, Commissioner-General, Levy, and Minister.

Section 12—Interpretation In this Act, unless the context otherwise requires, "bank" means a bank regulated under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930); "Commissioner-General" means the Commissioner-General appointed under section 13 of the Ghana Revenue Authority Act, 2009 (Act 791); "Levy" means the Financial Sector Recovery Levy imposed under section 1; and "Minister" means the Minister responsible for Finance. Date of Gazette Notification: 31st March, 2021.

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Financial Sector Recovery Levy Act, 2021 (Act 1067)

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