(1) This Act may be cited as the Value Added Tax Act, (2) Subject to subsection (3), services into The Bahamas by any person on which value added tax. (1) This Act may be called the Finance (No. commencing on the 1st day of April , , income-tax shall be charged at the rates specified. An Act to amend the Goods and Services Tax Act (Chapter A of the Revised to the Income Tax Act (Chapter of the Revised Edition).
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Employment and Services Tax Act As in force from 1 October This consolidation comprises Act No. 14 of as amended and in. Goods and Services Tax. 1 laws OF MalaYsIa act gOOds and servIces tax act Act BI Teks tvnovellas.info 1. 6/19/14 PM. GOODS AND SERVICES TAX ACT ARRANGEMENT OF SECTIONS. PART I: PRELIMINARY. Section. Short title and commencement.
The Act is expected to come into operation on the date the Minister may, by notice publish in the gazette. This new enactment aims to repeal and replace the Value Added Tax Act, which came into force in July The enactment of the Act was influenced by the need to broaden the tax base and the need for efficient administration of the tax which the Value Added Tax Act, seems to have lacked. The objectives of the new enactment are to; broaden the tax base, align value added tax law with the international best practice; reduce power of the Minister for Finance in the administration of VAT, address intra union trade issues between Mainland and Zanzibar and simplify administration and management of VAT. We at Breakthrough Attorneys have reviewed the Act and wish to point out key areas from the Act; Administration and compliance The registration threshold shall be stipulated in the regulations.
February Channel NewsAsia. Retrieved 26 June The Star. Retrieved 26 February GST Bill tabled for first reading Update ". TheStar Online.
Archived from the original on 21 June No second reading of GST Bill for now". Malaysian Insider. Archived from the original on 16 March Retrieved 15 March Archived from the original on 17 March Archived from the original on 22 March Retrieved 11 January Who are the winners and losers? BBC News Online. Bingo duty. Rate of bingo duty. Exemption from bingo duty: Machine games duty.
Rates of machine games duty. PART 3 General betting duty, pool betting duty and remote gaming duty. The duty. General betting duty. General and spread bets.
General bets. General betting duty charge on general bets. Spread bets. General betting duty charge on financial spread bets. General betting duty charge on non-financial spread bets. Ordinary profits.
Retained winnings profits. Pool betting on horse and dog races. Chapter 1 pool bets. General betting duty charge on Chapter 1 pool bets. Profits on pooled stake Chapter 1 pool bets. Profits on ordinary Chapter 1 pool bets. Profits on retained winnings on Chapter 1 pool bets. Stake money and winnings. Chapter 1: General betting duty charge on betting exchanges.
Liability to pay. Chapter 2 pool bets. Pool betting duty charge on Chapter 2 pool bets. Profits on pooled stake Chapter 2 pool bets. Profits on ordinary Chapter 2 pool bets. Profits on retained winnings on Chapter 2 pool bets. Chapter 2: Payments treated as bets. Payment and recovery. Notification of reliance on community benefit exemption. Bets made for community benefit. Remote gaming. Remote gaming duty. Profits on pooled prize gaming. Profits on ordinary gaming. Profits on retained prizes.
Gaming payments. Accounting period. Information and records. Stake funds and gaming prize funds. Security and enforcement. Security for payment. Appointment of UK representative. Security and representatives: Offence of failing to provide security or appoint representative. Fraudulent evasion. Penalties under section 9 of FA Suspension and revocation of remote operating licences. Offences and evidence. Offences by bodies corporate. Protection of officers.
Evidence by certificate, etc. Facilities capable of being used in United Kingdom: Review and appeal. Pool betting. Fixed odds. UK person. On-course betting and excluded betting. Other definitions. Amounts not in sterling. Limited liability partnerships.
Effect of imposition of duties. Consequential amendments and repeals. Transitional and saving provisions. Commencement and effect. PART 4 Follower notices and accelerated payments. Overview of Part 4. Main definitions.
Giving of follower notices. Circumstances in which a follower notice may be given. Content of a follower notice. Representations about a follower notice. Penalty if corrective action not taken in response to follower notice. Amount of a section penalty. Reduction of a section penalty for co-operation.
Assessment of a section penalty. Aggregate penalties. Alteration of assessment of a section penalty. Appeal against a section penalty. Partners and partnerships. Follower notices: Appeals out of time. Late appeal against final judicial ruling. Transitional provision. Defined terms. Defined terms used in Chapter 2.
Accelerated payment notices. Circumstances in which an accelerated payment notice may be given. Content of notice given while a tax enquiry is in progress. Content of notice given pending an appeal. Representations about a notice. Forms of accelerated payment. Effect of notice given while tax enquiry is in progress. Restriction on powers to postpone tax payments pending initial appeal.
Protection of the revenue pending further appeals. Penalty for failure to pay accelerated payment. Withdrawal etc of accelerated payment notice. Withdrawal, modification or suspension of accelerated payment notice.
Accelerated partner payments.
Defined terms used in Chapter 3. Special case: Extension of Part by order. Extension of this Part by order. Consequential amendments. PART 5 Promoters of tax avoidance schemes. Conduct notices. Duty to give conduct notice. Contents of a conduct notice. Section Amendment or withdrawal of conduct notice.
Duration of conduct notice. Monitoring notices: Withdrawal of monitoring notice. Notification of determination under section Appeal against refusal to withdraw monitoring notice. Publication by HMRC. Publication by monitored promoter. Allocation and distribution of promoter reference number.
Allocation of promoter reference number. Duty of monitored promoter to notify clients and intermediaries of number. Duty of persons to notify the Commissioners. Obtaining information and documents. Power to obtain information and documents. Tribunal approval for certain uses of power under section Ongoing duty to provide information following HMRC notice. Duty of person dealing with non-resident monitored promoter.
Monitored promoters: Enquiry following provision of client information. Information required for monitoring compliance with conduct notice. Duty to notify HMRC of address. Failure to provide information: Duty to provide information to monitored promoter.
Obtaining information and documents: Appeals against notices imposing information etc requirements. Form and manner of providing information. Production of documents: Exception for certain documents or information. Limitation on duty to produce documents. Legal professional privilege. Tax advisers. Failure to comply with Part 7 of the Finance Act Limitation of defence of reasonable care. Extended time limit for assessment. Offence of concealing etc documents.
Offence of concealing etc documents following informal notification. Penalties for offences. Regulations under this Part. Interpretation of this Part. Disclosure of tax avoidance schemes: Code of Practice on Taxation for Banks. The Code of Practice on Taxation for Banks: HMRC to publish reports. Offshore funds. Undertakings for collective investment in transferable securities and alternative investment funds.
Employee-ownership trusts. Companies owned by employee-ownership trusts. Trusts with vulnerable beneficiary: International matters. Amounts allowed by way of double taxation relief. Controlled foreign companies: Financial sector regulation. Tax consequences of financial sector regulation. Scottish basic, higher and additional rates of income tax. Report on administration of the Scottish rate of income tax.
Co-operative societies etc. Limitation periods. Removal of limitation period restriction for EU cases. Local loans. Increase in limit for local loans. Power to update indexes of defined terms. Short title. PART 1 Abolition of small profits rate for non-ring fence profits. CTA is amended as follows.
In section 1 overview of Act , in subsection 2 —. For section 3 corporation tax rates substitute— Corporation tax rates Omit Part 3 companies with small profits. Finance Act Capital Allowances Act In Part 2 of Schedule 1 to that Act defined Corporation Tax Act In Schedule 4 to that Act index of defined expressions , In Schedule 25 to that Act charge on certain high PART 3 Commencement and transitional provision. Annual investment allowance: PART 1 Transitional provisions. Chargeable periods which straddle start date.
First straddling period beginning before 1 January First straddling period beginning on or after 1 January Chargeable periods which straddle 1 January Operation of annual investment allowance where restrictions apply. ITEPA is amended as follows. In section 23 taxable earnings: In section Z9 employment income provided through third parties: In section orders and regulations in subsection 4 after PART 2 Consequential amendments.
FA In paragraph 10 other claims and elections to be included CAA CTA In Part 8 of CTA intangible fixed assets , in In section of CTA orders and regulations , in In Schedule 4 to CTA index of defined expressions Temporary extension of period by which commencement lump sum may precede pension. Temporary relaxation to allow transfer of pension rights after lump sum paid. Temporary relaxation to allow lump sum to be repaid to pension scheme that paid it. Expected pension commencement lump sums treated as trivial commutation lump sums.
Small pot lump sums. Preservation of protected pension age following certain transfers of pension rights. Operation of enhanced protection of pre-6 April rights to take lump sums.
Protected lump sum entitlement following certain transfers of pension rights. Reporting obligations. Scheme sanction charges. Power to make further adjustments. In section 1 and 2 of FA making of Transitional provision relating to new standard lifetime allowance for the tax year etc. The protection.
Amount A pre-6 April pensions in payment. Amount B pre-6 April benefit crystallisation events. Amount C uncrystallised rights at end of 5 April under registered pension schemes. Amount D uncrystallised rights at end of 5 April under relieved non-UK pension schemes. PART 3 Other provision. Amendment of section 5A of FA Amendment of section 98 of TMA Registration of pension schemes.
After section insert— Power to require information or documents After section insert— Cases where application for registration not De-registration of pension schemes. In Chapter 2, after section insert— Power to require Declarations required from person who is to be a scheme administrator. Payments by registered pension schemes: In section authorised surplus payments charge after subsection The amendments made by paragraphs 10 and 11 have effect Orders for money etc to be restored to pension schemes.
The amendments made by paragraphs 13 to 15 have effect Liabilities of trustees appointed by Pensions Regulator etc. In section trustees etc liable as scheme administrator in In section members liable as scheme administrator after subsection Sections A to C as inserted by paragraph 19 have Other provision. PART 1 Share incentive plans. In section no charge on shares ceasing to be In section charge on partnership share money in subsection In section modification of section in subsection 1 a In section payments by trustees in subsection 1 for In section deductions to be made by trustees in In section tax advantages and charges under other Acts Schedule 2 is amended as follows.
In paragraph 18 requirement not to participate in other SIPs In paragraph 18A participation in more than one connected SIP In paragraph 37 holding period: In paragraph 43 partnership shares: In paragraph 89 termination of plan in sub-paragraph 2 omit In paragraph 90 effect of plan termination notice in sub-paragraph In paragraph index of defined expressions —.
Other amendments: TCGA In section A relief for transfers to share incentive plans Schedule 7C relief for transfers to share plans is amended In paragraph 2 conditions relating to disposal in sub-paragraph Schedule 7D share schemes and share incentives is amended as In paragraph 2 gains accruing to trustees in sub-paragraph 1 a In section scope of Part 4 in subsection 4 c In section scope of Part 7 in subsection 2 , In section application of Chapter 11 of Part In paragraph 30 of Schedule 5 enterprise management incentives: In section of FA pensions: In section contents of Chapter 3 in subsection 1 c In section SIP shares: In section reduction in tax due in cases within In section interpretation in subsections 1 and 2 omit Part 9 of ITA In section overview of Part in subsection 5 for In section interpretation of Chapter 5 in subsection Chapter 1 of Part 11 of CTA In section deduction for contribution to plan trust in In section deduction for providing free or matching shares In section deduction for additional expense in providing partnership In section no deduction for expenses in providing dividend Individual Savings Account Regulations S.
In regulation 2 interpretation in paragraph 1 a —. In regulation 34 capital gains tax: Commencement and transitional provision. Paragraphs 91 to 96 below apply in relation to a The amendments made by paragraph 31 above do not affect In section share options to which Chapter applies in Schedule 3 is amended as follows. For paragraph 5 general restriction on contents of scheme substitute— In paragraph 17 requirements relating to shares that may be In paragraph 25 requirements as to contributions to savings arrangements In paragraph 32 exercise of options: In paragraph 34 exercise of options: In paragraph 49 index of defined expressions —.
In section B provision supplementary to section A in subsections In section A share schemes and share incentives in subsection In paragraph 9 introduction in sub-paragraphs 1 and 2 omit In section scope of Part 4 in subsection 4 e In section A provision relating to restricted securities in subsection In section introduction to taxation of securities options in In section charge on occurrence of chargeable event in In section PAYE: In regulation 7 qualifying investments in paragraphs 2 h i and 10 a Paragraphs to below apply in relation to an If the scheme was an approved SAYE option scheme immediately If the scheme was an approved SAYE option scheme before The amendments made by paragraph above do not affect Schedule 4 is amended as follows.
In paragraph 6 limit on value of shares subject to In paragraph 15 requirements relating to shares that may be In paragraph 21 requirements relating to share options in sub-paragraph After paragraph 21 insert— General requirements as to terms of In paragraph 37 index of defined expressions —.
In paragraph 12 relief where income tax charged in respect In paragraph 13 market value rule not to apply in ITEPA In section scope of Part 4 in subsection 4 g In section A which makes provision relating to restricted securities In section no charge in respect of acquisition of In section CSOP and other options relevant for purposes In paragraph 5 of Schedule 5 enterprise management incentives: Paragraphs to below apply in relation to a If the scheme was an approved CSOP scheme immediately before If the scheme was an approved CSOP scheme before PART 4 Enterprise management incentives.
For paragraph 52 annual returns substitute— 1 This paragraph applies in relation to a company whose Other amendment: The amendments made by paragraph above have no effect The amendment made by paragraph 3 above does not affect PART 5 Other employee share schemes. Telecommunication services exported to a non-resident provider shall be zero rated. With this position we believe that there is a likelihood that most telecom services to end users may be within the scope of VAT and hence may lead to cost hikes.
The employer shall be the taxable person. These are benefits that an employee receives from the employer by virtue of employment apart from his salary. For example; a loan, a car, school fees etc. According to the Act, the supply will be taxed at the market value. Under the Income Tax Act regime, most benefits in kind to the public servants are exempt, unlike in the private sector.
Hence, this will impact employees working in both private and public sector.
This may be a subject of a huge employment sector outcry when the Act is operational. Oil, gas and mining; As Tanzania heads into the oil and gas economy , import of goods by a registered and licensed explorer or prospector for the exclusive use in oil or gas exploration or prospection activities are exempted in this new enactment.
Breakthrough Attorneys fathoms that the incentivization of investment into the oil and gas sector has necessitated this move to exempt these imports whereas the other sectors are shunned from exemption. However, the regulations, rules, orders and notices made or pronounced under the current Act shall remain in force until they are revoked with those made under the new Act. The Act has introduced new concepts that strictly require regulations for enforcement, for example, lay-by agreements and display of price.
These new concepts require the Minister to make regulations to govern them. The current Act does not have these concepts, hence there are no regulations to govern the same. There is, therefore, need to enact the regulations promptly to ensure smooth administration of the tax.
Agreements and VAT relief VAT reliefs granted under the outgoing Act with respect to agreements entered into by the government for exploration and prospecting of mineral, oil or gas before commencement of the new Act, shall continue to apply provisions of the outgoing Act, of Furthermore, the reliefs granted to investors licensed under the Special Processing Zones Act and Economic Processing Zones Act shall continue to apply accordingly.
It is also uncertain as to what will happen to the investors who already have been granted the incentives.
Amendments may be required to align the legislation. International best practice The Act is in alignment with the international best practice.