The Commissioner-General of the Ghana Revenue Authority (GRA) wishes to inform the general public especially the Specified Companies and Institutions listed below that payment of the National Fiscal Stabilization Levy (NFSL) is due with effect from 30th September, 2013, ie end of the 3rd Quarter of 2013.
The details of the implementation of the NFSL are as follows:
- The rate of tax for the NFSL is 5% on the profits before tax of the companies and institution listed below.
- The National Fiscal Stabilization Levy, is not an allowable deduction for the purpose of ascertaining the chargeable income of a person under the Internal Revenue ACT, 2000 ACT 592.
- The Levy is payable in respect of the profits before tax for 2013 and 2014 Years of Assessment.
- The Levy assessed for a Year of Assessment is payable quarterly and is due on 31st March, 30th June, 30th September and 31st December of the year.
- For the 2013 Year of Assessment, the proportionate quarterly payment is due on 30th September and 31st December 2013. That is, the first payment is due on 30th September, 2013 which is the end of the 3rd Quarter of 2013, and second payment due on 31st December, 2013; which is the end of the fourth quarter of 2013.
Companies and Institutions liable to pay the National Fiscal Stabilization Levy are:
1. Banks (excluding rural and community banks)
2. Non-Bank Financial Institutions
3. Insurance Companies
4. Telecommunications companies liable to collect and pay the Communications Service Tax Act, under the Communications Service Tax Act 2008 (ACT 754)
6. Inspection and Valuation Companies
7. Companies providing Mining Support Services
8. Shipping lines, Maritime and Airport Terminals
The Commissioner-General requests the companies and institutions listed above to honour the payment of the National Fiscal Stabilization Levy effective 30th September, 2013, ie end of 3rd Quarter of 2013.