A new tax called the Crop Insurance Levy will be charged from banks, finance and insurance companies with a view to covering damages suffered by the farmers due to a series of natural disasters in the past year, the Sunday Times learns. The levy amounting to one per cent of these institutions’ after-tax profit will [...]

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Crop tax to be levied from banks, insurance and finance firms

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A new tax called the Crop Insurance Levy will be charged from banks, finance and insurance companies with a view to covering damages suffered by the farmers due to a series of natural disasters in the past year, the Sunday Times learns.

The levy amounting to one per cent of these institutions’ after-tax profit will be remitted to an account maintained and administered by the National Insurance Trust Fund Board. The date for the imposition will be gazetted by the Minister of Finance after the necessary amendments to the Finance Act are passed by Parliament.




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