Value Added Tax Act – Resolution of Parliament to approve the draft Value Added Tax (Alteration of Rate of Interest) Order – Section 33(2) (Statutory Instrument 83/2023)
Statutory Instrument 83/2023 .. in force 18 July 2023
Commencement [18 July 2023]
RESOLUTION
WHEREAS it is provided under section 33(2) of the Value Added Tax Act, (the Act) that the Minister responsible for finance may, by Order, alter the rate of interest in relation to tax payable under the Act;
AND WHEREAS it is further provided under section 33(2) of the Act that an Order made pursuant to section 33(2) of the Act is subject to an affirmative resolution of the House;
AND WHEREAS the Minister of Finance seeks approval of the draft Value Added Tax (Alteration of Rate of Interest) Order by an affirmative resolution of the House to alter the rate of interest on the tax paid up to the financial year of 2021 during the period commencing from the 1st day of May, 2023 and terminating on the 1st day of May, 2024 to 0% of the tax paid;
BE IT RESOLVED that the House by affirmative resolution approves the Value Added Tax (Alteration of Rate of Interest) Order which alters the rate of interest on the tax paid up to the financial year of 2021 during the period commencing from the 1st day of May, 2023 and terminating on the 1st day of May, 2024 to 0% of the tax paid.