Ghana’s Parliament has passed the Bill for extension of the National Stabilization Levy (NSL) as well as the Special Import Levy (SIL) into law, despite the fact that both levies were due to expire this year - 2017.
This follows the announcement of the government’s plan to extend the existence of both levies during its presentation of the 2018 budget as part of measures aimed at, raising funds to stabilize the economy – particularly, without excessive dependence on external borrowing.
Addressing the media after the Bill went through - Chairman of the Finance Committee of parliament, Dr. Mark Assibey-Yeboah explained that: “the government thinks it is proper to extend the National Fiscal, Stabilization Levy. That’s why we have this amendment. The amendment seeks to extend it to 2019. The government felt at the time in 2013 to introduce the levy because of the hardship [economic downturn], so they needed some sectors of the economy to support governmentâ€.
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He further noted that the levies were imposed on some key stakeholders in the private sector including, banking and non-bank financial, beverages, among other industries - who will under the plan, pay 5% of profit before tax to government.
The extension of the levies has stirred mixed feeling across various sections of the business community in the country who prior to the presentation of the 2018 budget, strongly believed both levies would be scrapped.
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