Value Added Tax (Amendment) (No. 2) Act, 2018 (Act 980)

ARRANGEMENT OF SECTIONS

1. Section 50 of Act 870 amended

2. Second Schedule to Act 870 amended

PURPOSE

AN ACT to amend the Value Added Tax Act, 2013 (Act 870) to zero-rate the value added tax on the supply of locally manufactured textiles and to provide for related matters.

DATE OF ASSENT

28th December, 2018.

ACT

Section 1 — Section 50 of Act 870 amended

The Value Added Tax Act, 2013 (Act 870) referred to in this Act as the “principal enactment” is amended in section 50 by the insertion after paragraph (b) of subsection (1), of

“(c) in the case of the excess credit directly attributable to locally manufactured textiles subject to zero-rate as provided in the Second Schedule, the Commissioner-General may refund the excess credit attributable to that period upon the receipt of an application for refund of the excess credit.”.

Section 2 — Second Schedule to Act 870 amended

The Second Schedule to the principal enactment is amended in paragraph 2 by the insertion after subparagraph (9), of

“(10), A supply of locally manufactured textiles by a local manufacturer who has been approved by the Minister responsible for Trade and Industry up to 31st December, 2021.”.