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  INTERNAL REVENUE (AMENDMENT) REGULATIONS, 2004 (LI 1803)

IN exercise of the powers conferred on the Minister responsible for Finance by section 114 of the Internal Revenue Act, 2000 (Act 592) these Regulations are made this 15th day of April, 2004

Regulation 1—Regulation 25B Inserted in LI 1675

The Internal Revenue Regulations 2001 (LI 1675) as amended and hereafter referred to as the "principal Regulations" are amended by the insertion after regulation 25A of the following regulation;

"Tax Installments Payable by Specified Self Employed Persons

25B (1) Subject to sub regulations (8) and (9), this regulation shall apply to the class of self-employed persons mentioned in Schedule Six.

(2) The class of self employed persons specified in Schedule Six shall pay tax on quarterly basis at the rate specified in the Schedule.

(3) Upon payment of the tax by any person, the Commissioner shall issue to that person a Stamp for that purpose, referred to in these Regulations as "tax stamp".

(4) The tax stamp shall indicate the name of the taxpayer, the amount paid, the period in respect of which the payment is made and such other particulars as the Commissioner may determine.

(5) The tax payable in accordance with sub regulation (2) shall be paid on or before 1st January, 1st April, 1st July, 1st October and 1st December of each year of assessment.

(6) A person issued with a tax stamp under these Regulations shall display the stamp at a conspicuous place on the premises of that person's business or in any other manner as will make the stamp visible at the place of business.

(7) Any person who,

(a) fails or refuses to pay the tax provided in Schedule Six of these Regulations; or

(b) having paid the tax as provided in these Regulations, fails or refuses to display the tax stamp in accordance with these Regulations

commits an offence and is liable on summary conviction to a fine of not less than 100 penalty units and not more than 250 penalty units.

(8) The Commissioner may issue tax stamps in respect of the class of persons specified in paragraph 1 of Schedule Two.

(9) Any person who belongs to a class of persons identified in paragraph 1 of Schedule Two may obtain a tax stamp from the Commissioner upon the payment of the appropriate tax specified in paragraph 4 of Schedule Two in relation to the class.

(10) Any tax paid by a person under these Regulations shall be a payment on account and shall not relieve the person from the obligation to file a return of income under section 72 of the Act.

(11) For purposes of Schedule Six, the Commissioner may issue necessary directives in writing under Regulation 25A(7) with respect to any class of taxable persons as may be determined by the Commissioner in appropriate cases.

Regulation 2—Regulation 28 of LI 1675 Amended

The principal Regulations are amended in Regulation 28 as follows:

(a) by the substitution for "5.2 currency points" wherever it appears in subregulation (1)(b) subparagraphs (i) and (ii) of "30 currency points";

(b) by the substitution for "720 currency points" in subregulation (2)(c) subparagraph (ii) of "1,620 currency points";

(c) by the substitution for "600 currency points" in subregulation (5) of "2,400 currency points".

Regulation 3—Regulation 30 of LI 1675 Amended

The principal Regulations are amended in subregulation (3) of Regulation 30 as follows:

(a) in subparagraph (a), by the substitution for "¢2,400,000" of "¢3,000,000";

(b) in subparagraph (b), by the substitution for "¢2,400,000" and " ¢5,400,000" of "¢3,000,000" and "¢21,000,000" respectively; and

(c) in subparagraph (c), by the substitution for "¢5,400,000" of "¢21,000,000".

Regulation 4—Schedule Two of LI 1675 Amended

The principal Regulations are amended in Schedule Two as follows:

(a) by the substitution for the table under paragraph 4 of the following table:

(b) by the insertion after paragraph 1 of the following new paragraph " 2. The rates in this Schedule shall apply to any person operating in, under or from any garage, shed, shelter or similar place";

(c) by the substitution for paragraph 5 of the following new paragraph: "5. The tax payable in accordance with paragraph 4 shall be quarterly in advance during each year of assessment."

Regulation 5—Schedule Five of LI 1675 Amended

The principal Regulations are further amended in Schedule Five by the substitution for "Light dry cargo (small)", "Light dry cargo (large)" and "Long Distance cargo trucks and articulated vehicles" and the annual and quarterly taxes indicated against these vehicle types in columns 2 and 3 of the table of the following:

"Dry cargo vehicle below 2 tons                              —      600,000.00 - 150,000.00

Dry cargo vehicle between 2 tons and 3 tons            —     800,000.00 - 200,000.00

Dry cargo vehicle between 4 tons and 7 tons            —  1,400,000.00 - 350,000.00

Dry cargo vehicle (Double Axle)                             —   2,400,000.00 - 600,000.00

Articulated Trucks                                                  —     3,600,000.00 - 900,000.00

Timber Trucks                                                        —     3,600,000.00 - 900,000.00"

Regulation 6—Schedule Six inserted in LI 1675

The principal Regulations are amended by the insertion after Schedule Five of the following new Schedule:

"SCHEDULE SIX

Regulation 25B

TAX INSTALMENTS PAYABLE BY CERTAIN CLASS OF SELF-EMPLOYED PERSONS

1. The tax to be collected from and payable by the class of self-employed persons mentioned in sub-regulation (1) of regulation 25B.

2. The rates in this Schedule shall apply to any person operating in, under or from any garage, shed, shelter or other similar place."

Regulation 7—Commencement

These Regulations shall come into force on the 1st day of January, 2005.

HON. YAW OSAFO-MAAFO, M.P.

Minister Responsible for Finance

Date of Gazette Notification: 16th July, 2004.

Entry into force: