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Income Tax (Amendment) (No.2) Act, 2023 (Act 1111)

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Revision as of 22:36, 9 May 2024 by Oblitey (talk | contribs) (Created page with "==ARRANGEMENT OF SECTION== :First Schedule to Act 896 Amended ==PURPOSE== AN ACT to amend the Income Tax Act, 2015 (Act 896) to revise the rates of income tax for individuals ==DATE OF ASSENT== 29th December, 2023 ==ACT== ====First Schedule to Act 896 amended==== The Income Tax Act, 2015 (Act 896) is amended in the First Schedule by the substitution for subparagraph (1) of paragraph I, of '''"Contracts of the Republic 17. (1) This Act applies to a contract or a tra...")
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ARRANGEMENT OF SECTION

First Schedule to Act 896 Amended

PURPOSE

AN ACT to amend the Income Tax Act, 2015 (Act 896) to revise the rates of income tax for individuals

DATE OF ASSENT

29th December, 2023

ACT

First Schedule to Act 896 amended

The Income Tax Act, 2015 (Act 896) is amended in the First Schedule by the substitution for subparagraph (1) of paragraph I, of

"Contracts of the Republic

17. (1) This Act applies to a contract or a transaction entered into on behalf of the Republic as it applies to any other contract or transaction.

(2) The following persons are authorised to enter into a contract or transaction on behalf of the Republic:
(a) a Minister responsible for a subject or department on a matter falling within the portfolio of the Minister;
(b) a person authorised by the Minister; or
(c) any other person authorised by law.
(3) Where a person specified under subsection (2) enters into a contract or transaction on behalf of the Republic, the payment of interest on any sum of money due under the contract or transaction shall be calculated at simple interest.
(4) A person shall not enter into a contract or a transaction on behalf of the Republic in which the payment of interest on a sum of money due to a party to the contract or transaction is calculated at compound interest.
(5) A contract entered into contrary to subsection (4) is null and void.
(6) A person who wilfully enters into a contract contrary to this section commits an offence and is liable on summary conviction to a fine of not less than five thousand penalty units and not more than ten thousand penalty units or to a term of imprisonment of not less than ten years and not more than fifteen years or to both."
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