AN ACT to impose a special levy on specified companies and institutions in order to raise revenue for fiscal stabilisation of the Economy and to provide for related matters.ENACTED by the President and Parliament:
1. Imposition of levy on profits before tax of specified companies
There is imposed by this Act on the profits before tax of the companies and institutions specified in the Schedule to this Act, a levy of 5% for national fiscal stabilization.
2. Scope of application of levy
(1)Subject to subsection (2), the levy imposed under section 1 applies to the specified companies and institutions despite any provision to the contrary in any enactment relating to a tax holiday or exemption from direct or indirect tax applicable to a company or in…
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