Growth and Sustainability Levy Act, 2023 (Act 1095)

1. Imposition of Levy

2. Scope of application of Levy

3. Levy not an allowab1e deduction

4. Profits or production affected by Levy

5. Assessment of Ler,y payable

6. Time of payment of Levy

1. Authority to collect Levy B. Payment of Lelry into Consolidated Fund

9. Recovery of Lelry

10. Levy returns

11. Regulations

12. Interpretation

13. Repeal and savings SCHEDWE Act 1095 REPUBLIC OF GHANA AND NINETY-FITTE TI{E ONE TEOUSAND ACT G-]ANA THE PARLIAMENT OF THE REPUBLIC OF OF ENTITLED LEVY AC^I' 2023 GROWTH AND SUSTAINABILITY ANACTtoimposeaspeciallelryknownastheGrorvtirandSusairrabiliqy Levytoraise""""tfo'gto*thandfiscalsustatnabllrtl-ofthe related matters' and to provide for "cotto*V Derr oF AssE\T t 3' lPril' li)s Presldent and assented to b1'the Pessnp by Parliament rmpositio" g:owth and ",1::lsed 1ml bv this Act, for the p"lp-o" of of 1ne percer'tage of

1. There 1s the r"rv sustainabiliry, u cril";;.;a Sustainabilr,v specified in tax or rhe percenrur"li'rrorr'p'od*"iion profi.t before ir'i str'edule ;; ;;G; 9f tl: companies and the second .ot.,*f "r fust column of the Schedule' institution, ,p"tintil" lf" T:"r"*T.'*'#r"ffit"t"'JJsectiont.intl:::"--*:nu**'lcompanies andinstitutionsdespiteanyplovislontotheContlalyinan.lagleement Growth and Sustainability Lety Act, 2023 Act 1095 or enactment relating to a tax holiday or exemption from direct or indirect tax applicable to a company or institution. Levy not an allowable deduction

3. The Levy payable under this Act is not an allowable deduction.br the purpose of ascertaining the chargeable income of a person under the Income Tax Act, 2015 (Act 896). Profits or production affected by Levy

4. The Ler,y is payable in respect of profits before tax or productitn for the 2023, 2024 and 2025 years of assessmenr. Assessment of Levy pa.v-able

5. (1) A person u'ho is subject to the Lelry for ayear of assessme nt shall file with the Commissioner-General by the date of payment of the first tax instalmenr. an estimate of Levy payable for the year of assessment. (2) -\n esrlmate under subsection (1) shall, subject to any directiles of rhe Ccntntrssroner-General to the contrary, .; be Ln the prescribed form; and ,' pror tde any other information that the Commissiont:r- G:nera1 ma-v requre. Time of par ment of Len 6. .:; I :'.-. ...scssed for a vear of assessment is payable quarterly and is due .-. ,1- l.1.rr::r -1-"" -Iune. 30'r'September and 3l"December of tre yeaT. Authoritl- to collect L en

7. The Le'r sh:.-:: ------e;:ec L.-, rhe Ghana Revenue Authority established under rhe Gla:a F-;.,'enue \uthorrn Act. 2009 (Act 791). Payment of Levl-into Consolidated Fund

8. The commissroner-General of the Ghana Rer,enue Authority sh,r11 pay all amounts collected under thrs -\ct into the Consoiidated Fund. Recovery of Levy

9. For the purpose of enforcrng the recor.er.v of the Levy, the provisions of the Revenue Administration Act, 2016 (Act 915) relatilrg to collection, enforcement, refirnd, penaltres and ofrences shall apply to the collection of the Levy as if the Ler,y is collected under Act 915. Act 1095 Growth and Sustainability Levy Act, 2023 Levy returns

10. A company or institution specified in the first column of the Schedule shall file a return in respect of the Ler,y with the Commissioner- General in the manner and at the time and place determined by the Commissioner-General. Regrrlations

11. The Minister mar'. l.,r' lesrslarrre lnsrrument, make RegulatLons to amend the Schedule to revrse (a) rhe rare c: :he - .'.-. (b) the categ--t,as - _ :. r:-:',.-.-_-:: -,-,_ -:::-:,-:-ttls 1rab1e to pay tlte L-. . . ,: -- ,. Illr-:l-:.:t-..,.:-.:.'..:.:-.. . ..: :- _". ...-.,...' Interpretation

12. In thrs -\ct. unie ss :le :--:t:;-',: - ::-.t-,,. -sc r:J *-t:- "Commrssroner-General means the Comnls,.ic,:;t-C::-,:_,- appornted under secnon 13 of the Ghana Revenue Aurhonn Act, 2009 (Act79l); "entity" means a company, partnership or trust but dc,es not include an individual; "gross production" in relation to (a) "petroleum" means the total amount ofpetroleum pr,tduced and saved without regard to any prior deductions; and (b) "mtntng" means gross revenue from the sale of mrnerals. "Levy" means the Growth and Sustainabiliry Levy inrposed under section l; and "Minister" means the Minister responsible for Finance. Repeal and savings

13. (1) The National Fiscal Stabilisation Ler,y Act, 2013 (Act i62) is repealed. (2) Despite the repeal of Act 862, the Act continues ro aprly for the years of assessment commencing prior to the date on u,hich tlLis Act comes into force. (3) Any right, liability or obligation in existence rmmediately before the repeal of Act 862 shall remain in existence unril the right, liab liry or obligation is exercised or terminated. G'otl,th and Sustainability Leuy Act, 2023 Act 1095 SCHEDWE (sections 1 and 10) CATEGORY RATE OF LEVY Category A

1. Banks

2. Non-Bank Financial Institutions

3. Insurance companies

4. Telecommunications companies liable to collect and pay the Communications Senice Tax under the Communications Senice Tax Act, 2008 (Act 754)

5. Breweries

6. Inspection and r.aluation companies

7. Companies providing mining support 5" r of Profit Before Tax services

8. Bulk Oil Distributors

9. Oil Marketing Companies

10. Communication Tower Operators

11. Companies providing upstream petroleum services

12. Companies and institutions registered by the Securities and Exchange Commission

13. Specralised Deposit-Taking Institutions

14. Electronic }{one1- Issuers

15. Shipping lines. maritime and airport terminals Category B 1o'i, of gross production Mining companies and upstream oil and gas companies Category C A11 other entities not faliing within Cate-qon' 2 5o o of profit before tax A or Category B Act 1095 Growth and Sustainability Levy Act, 2023 Date of Gaz e tt e notification: 3rd Ap ril, 2023. PRINTED BY GHANA PUBLISHING CO\{PANY LfD ASSENIBLY PRESS. ACCRA GPCL,,A2221,I5O/O.1/2O23 Wcbsite:rvrvr.v.ghanapublishing.com Email:infb?ghauapublishinu.conr Tel; +2J-t 302-66433g/9