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

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Tax coming to cover crop damage

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A new tax called the Crop Insurance Levy will be charged from banks, finance companies and insurance companies, amounting to one per cent on their after tax profit, with a view to covering the damages suffered by farmers in the country due to a series of natural disasters in the past year.

The levy will be remitted to a separate account maintained and administered by the National Insurance Trust Fund Board. The date for the imposition will be gazetted by the Finance Minister after the necessary amendments to the Finance Act are passed by Parliament.




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