CHAPTER 356 - TAX RESERVE CERTIFICATES ACT: SUBSIDIARY LEGISLATION

INDEX TO SUBSIDIARY LEGISLATION

Tax Reserve Certificates Regulations

Tax Reserve Certificates (Direct Taxes) Notice

TAX RESERVE CERTIFICATES REGULATIONS

[Section 2]

[Re-denominate the currency as stipulated under S 4 of Re-denomination Act, 8 of 2012, read with Bank of Zambia Act, 43 of 1996.]

Arrangement of Regulations

   Regulation

   1.   Title

   2.   Interpretation

   3.   Denomination of certificates

   4.   Value of certificates held to be limited to one million kwacha

   5.   Applications for certificates

   6.   Procedure on receipt of application

   7.   Interest

   8.   One month to elapse before certificate valid for payment of tax

   9.   Disposal of balance remaining after payment of tax

   10.   Certificate to mature two years after date of issue

   11.   Certificate not transferable

   12.   Save as provided in regulations 13 and 14, certificate to be accepted solely in payment of tax

   13.   In certain circumstances, certificate may be accepted otherwise than in payment of tax

   14.   Special circumstances in which certificate may be accepted for an amount equal to its face value, plus interest

   15.   Loss, destruction or defacement of certificate

      SCHEDULE

Act 57 of 1964,

GN 314 of 1963,

SI 157 of 1976,

SI 39 of 1980.

[Regulations by the Minister]

1. Title

These Regulations may be cited as the Tax Reserve Certificates Regulations.

2. Interpretation

In these Regulations, unless the context otherwise requires—

"authorised officer"  means an officer authorised by the Minister for the purposes of these Regulations;

"certificate"  means a tax reserve certificate issued under subsection (1) of section 2 of the Act;

"holder" , in relation to a certificate, means the person specified thereon as being the holder of the certificate;

"surrendered"  means surrendered to an authorised officer for the payment of tax or under regulation 13 or 14;

"tax"  means any direct tax specified by the Minister by statutory notice under subsection (2) of section 2 of the Act.

3. Denomination of certificates