Financial Sector Recovery Levy Act, 2021 Act 1067

ACT 1067
REPUBLIC OF GHANA
FINANCIAL SECTOR RECOVERY LEVY ACT, 2021 (ACT 1067)
ARRANGEMENT OF SECTIONS
Section
Imposition of Financial Sector Recovery Levy
1. Imposition of Levy on profit before tax of a bank
2. Application of Levy
3. Levy not an allowable deduction
4. Profits affected by Levy
5. Assessment of Levy payable
6. Payment period of Levy
Administration, Collection and Recovery of Levy
7. Administration of Levy
8. Collection of Levy
9. Payment of Levy into Consolidated Fund
10. Recovery of Levy
Miscellaneous Provisions
11. Regulations
12. Interpretation

Levy
8. Collection of Levy
9. Payment of Levy into Consolidated Fund
10. Recovery of Levy
Miscellaneous Provisions
11. Regulations
12. Interpretation

THE ONE THOUSAND AND SIXTY-SEVENTH
ACT
OF THE PARLIAMENT OF THE REPUBLIC OF GHANA
ENTITLED
FINANCIAL SECTOR RECOVERY LEVY ACT, 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. DATE OF ASSENT: 31st March, 2021. PASSED by Parliament and assented to by the President
Imposition of Financial Sector Recovery Levy
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 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 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 4—Profits affected by Levy
(1) The Levy is payable in respect of profit before tax.

come
of a person under the Income Tax Act, 2015 (Act 896). 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 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.

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 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) 30 th 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 7—Administration of Levy
The Commissioner-General shall administer the Levy in accordance with the Revenue
Administration Act, 2016 (Act 915). Section 8—Collection of Levy
The Ghana Revenue Authority is responsible for the collection of the Levy. Section 9—Payment of Levy into Consolidated Fund
The Commissioner-General shall pay the Levy collected under this Act into the Consolidated
Fund.

evy. Section 9—Payment of Levy into Consolidated Fund
The Commissioner-General shall pay the Levy collected under this Act into the Consolidated
Fund.

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 11—Regulations
The Minister may, by legislative instrument, make Regulations to provide for the efficient
and effective implementation of this Act. 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.