Ghana Act or statute

Parliament of Ghana

Financial Sector Recovery Levy Act, 2021 (Act 1067)

bank levyBanking and financecorporate income taxdeductionsdefinitionsenforcementfinancial regulationfinancial sectorfund remittanceinstallmentslevylevy administrationlevy assessmentlevy collectionpayment collectionpayment deadlinespenaltiesprofit before taxrefundsregulatory compliancetax administrationtax compliance

Jurisdiction: Ghana
Structure: 12 provisions
Citation: Act 1067
Dates: Legal dates not recorded

More statute details

Dates: Legal dates not recorded

Publicly available, excluded from search-engine indexing

This page remains available for direct research for the following reasons:

The record does not meet this release's canonical indexing criteria. (market-indexing-disabled)
The record does not meet this release's canonical indexing criteria. (emergency-noindex)

On this page

Professional statute overview

Enactment structure, operative effect and source provenance

Official source

Purpose and legislative effect

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

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.

How the instrument operates

01
Start with the recorded version

Legal dates not recorded. The date shown identifies this source expression and should not be treated as proof that no later change exists.
02
Locate the controlling provision

Use the provision map, part headings and full-text filter to move from the broad subject to the exact legal language.
03
Read conditions and exceptions together

Keep subsections, definitions, provisos and cross-references in context before drawing a legal conclusion.
04
Verify currency and official wording

Confirm later legislation, commencement notices and corrections with the official publisher before advice, filing or reliance.

Research entry points

Selected provisions across the instrument. Open any row to continue with the exact stored text.

Imposition of Levy on profit before tax of a bank

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

Section 1

Profits affected by Levy

The Levy is payable on profit before tax, and the Minister may review it after the 2024 year of assessment ends.

Section 4

Administration of Levy

The Commissioner-General must administer the Levy under the Revenue Administration Act, 2016 (Act 915).

Section 7

Payment of Levy into Consolidated Fund

The Commissioner-General must pay the Levy collected under the Act into the Consolidated Fund.

Section 9

Section 12

This section defines four terms used in the Act: bank, Commissioner-General, Levy, and Minister.

Section 12

Source and current-law status

Source record view

Source record from hdl.handle.net · Legal dates not recorded

Verify current force

The source record does not state a definitive current-law status. Check the official publisher and later amendments before relying on this text.

For advice, pleadings, or compliance decisions, retain the official source and confirm the current consolidated provision.

Official record

Source-indexed provision map

Sections and provisions

Search by section, heading, part or exact legal wording. Every result remains linked to the stored source record.

Search within this statute

Search all stored provisions in this version.

Showing 12 of 12 provisions

Provision 10OffenceInterpretation

§ 1Imposition of Levy on profit before tax of a bankProvision

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.

Section 1Verify source

§ 2Application of LevyProvision

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.

Section 2Verify source

§ 3Levy not an allowable deductionProvision

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).

Section 3Verify source

§ 4Profits affected by LevyProvision

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.

Section 4Verify source

§ 5Assessment of Levy payableProvision

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.

Section 5Verify source

§ 6Payment period of Levy Administration, Collection and Recovery of LevyProvision

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

Section 6Verify source

§ 7Administration of LevyProvision

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).

Section 7Verify source

§ 8Collection of LevyProvision

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.

Section 8Verify source

§ 9Payment of Levy into Consolidated FundProvision

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.

Section 9Verify source

§ 10Recovery of Levy Miscellaneous ProvisionsOffence

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

Section 10Verify source

§ 11RegulationsProvision

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.

Section 11Verify source

§ 12Section 12Interpretation

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.

Section 12Verify source

Legislative relationships

6 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

G–M

5 instruments

Ghana Revenue Authority Act, 2009
Section 12
Levy into Consolidated Fund The Commissioner-General must pay the Levy collected under the Act
Section 9
Levy on profit before tax of a bank There is imposed by this Act
Section 1
Levy payable Banks covered by the Act
Section 5
Levy The Commissioner-General must administer the Levy under the Revenue Administration Act, 2016
Section 7

N–S

1 instrument

Revenue Administration Act, 2016
Section 10

Recorded versions and source checkpoint

1 version available in this collection

Current-law checkpoint

Undated version · currentEnglish

This relationship view does not by itself establish whether another instrument remains in force.

Check official source

Source-linked research

Ask AI about this statute

The overview, provisions, and source records above are public. Continue in a separate conversation with this statute’s jurisdiction and source version attached.

Explore more