Equity Levy Act, 1982
- Published on 8 April 1982
- Commenced on 1 April 1981
- [This is the version of this document at 31 December 1996.]
1. Short title and commencementThis Act may be cited as the Equity Levy Act, and shall be deemed to have come into operation on the 1st April, 1981.
3. Functions and powers of Commissioner-GeneralThe Commissioner-General shall, subject to the directions of the Minister, be responsible for giving effect to the provisions of this Act, and shall for that purpose have all the powers conferred on the Commissioner-General by the Income Tax Act.[Cap. 323]
4. Equity levy
4A. ExemptionsThe Minister may, by statutory instrument, exempt any parastatal company from the payment of equity levy.[As amended by Act No. 8 of 1983]
5. Payment of equity levyEquity levy shall be paid and shall become due and payable on the 31st July of the year following the charge year to which it relates, or within such longer period as the Commissioner-General may, in his discretion, allow generally or in relation to any particular case.
6. Penalty or late paymentWhere any amount of the equity levy is not paid within the period prescribed by or allowed under section five, a penalty equal to five per centum of the unpaid amount shall be charged for each month or part thereof for which the equity levy remains unpaid, and for the purposes of recovery and collection such penalty shall be deemed to be a part of the equity levy:Provided that the Commissioner-General may, for sufficient cause shown, remit the whole or any part of the penalty.
7. Recovery, etc., of equity levySubject to the provisions of this Act, sections sixty-nine, seventy, seventy-nine, seventy-nine A, seventy-nine B, seventy-nine C, eighty-two B, eighty-three, eighty-four, eighty-six and ninety-two of the Income Tax Act, shall, mutatis mutandis, apply to the recovery of the equity levy under this Act.[Cap. 323]
8. OffencesSubject to the provisions of this Act, the provisions of Part X of the Income Tax Act, relating to contraventions of the provisions of the Income Tax Act and to penalties for such contraventions shall, mutatis mutandis, apply to the contraventions of this Act, as if a contravention of any provision of this Act were a contravention of the provisions of the Income Tax Act.[Cap. 323]
9. RegulationsThe Minister may, by statutory instrument, make regulations prescribing all matters which are necessary or expedient for the proper carrying out of the purposes of this Act.
History of this document
31 December 1996 this version
08 April 1982
01 April 1981