Value Added Tax Act – Resolution of Parliament to approve the draft Value Added Tax (Alteration of Rate of Penalty) Order – Section 46(4A) (Statutory Instrument 86/2023)
Statutory Instrument 86/2023 .. in force 21 July 2023
Commencement [21 July 2023]
RESOLUTION
WHEREAS it is provided under section 46(4A) of the Value Added Tax Act, (the Act) that the Minister responsible for finance may, by Order published in the Gazette, alter the rate of penalty under the Act;
AND WHEREAS it is further provided under section 46(4A) of the Act that an Order made pursuant to section 46(4A) of the Act is subject to an affirmative resolution of Parliament;
AND WHEREAS the Minister of Finance seeks approval of the draft Value Added Tax (Alteration of Rate of Penalty) Order by an affirmative resolution of Parliament to alter, from the 1st day of May, 2023 to the 1st day of May, 2024, the rate of penalty to 0% on the tax paid up to the financial year of 2021;
BE IT RESOLVED that Parliament by affirmative resolution approves the Value Added Tax (Alteration of Rate of Penalty) Order which alters, from the 1st day of May, 2023 to the 1st day of May, 2024, the rate of penalty to 0% on the tax paid up to the financial year of 2021.