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01.02.2006 General News

Parliament Amends National Reconstruction Levy Act

By GNA

Accra, Feb. 1, GNA - Parliament on Wednesday passed the National Reconstruction Levy (Amendment) Bill after taking it through the Third Reading.

A memorandum accompanying the Bill said: "the object of the bill is to amend the National Reconstruction Levy Act, 2001(Act 597) to abolish and reduce some levies contained in that Act as announced in the 2006 Budget Statement."

The bill amends the Act by reducing the rates of the levy on class A and B companies, which are mainly large and medium financial and insurance institutions from 7.5 per cent to 5.5 percent and five percent to 2.5 percent respectively.

The Finance Committee's report states that the Committee "observed that the reduction in the rates of the levy from 7.5 per cent to 5.5 percent and five percent to 2.5 percent respectively will enable these companies retain these profits and therefore reinvest in their operations."

The memorandum said the Act shall come into force on the first day of January, 2006.

Parliament later took the Ghana National Commission on Children (Repeal) Bill through a Second Reading. The bill, when passed would convert the Commission into a department of the Ministry of Women's Affairs. Feb. 01 06

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