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18 December 2017 Ghana extends National Fiscal Stabilization Levy and Special Import Levy The Government of Ghana has presented the National Fiscal Stabilization Levy (Amendment) Act, 2017 to Parliament seeking to extend the levy to the end of 2019. The Government also presented a Bill to Parliament to amend the Special Import Levy Act, 2013, (Act 861) to extend the period of its application. The purpose of extending these levies is to raise funds to support the Government's effort to implement social programs to improve the well-being of lower income citizens. Both the National Fiscal Stabilization Levy (NSFL) and the Special Import Levy (SIL) were introduced in 2013 to raise funds to stabilize the economy which was negatively impacted by external conditions. Both levies were expected to lapse in 2017. However, due to the Government's commitment to continue to carry out necessary social programs, the Government has decided to extend both levies to 2019. The NSFL (5%) is payable on profits before tax for the period 2013 to 2019. For the purpose of enforcing the recovery of the Levy, the relevant provisions in the Income Tax Act, 2015 (Act 896) as amended relating to the collection, enforcement, refund and penalties shall be applied. The SIL is applicable to the years 2013 to 2019 and is paid at the port of entry. The SIL (2%) is computed on the Cost, Insurance and Freight value of the goods imported.
Document ID: 2017-5042 |
