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
Act 57 of 1964,
GN 314 of 1963,
SI 157 of 1976,
SI 39 of 1980.
[Regulations by the Minister]
These Regulations may be cited as the Tax Reserve Certificates Regulations.
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
{mprestriction ids="2,3,5"}
Certificates shall be issued in denominations of two kwacha or an integral multiple of two kwacha not exceeding one million kwacha.
[As amended by S.I. 157 of 1976.]
4. Value of certificates held to be limited to one million kwacha
No person shall at any one time be the holder of certificates of a total value exceeding one million kwacha.
[As amended by S.I.157 of 1976.]
5. Applications for certificates
(1) Subject to the provisions of sub-regulation (2), an application for a certificate shall be made at an office of the Department of Taxes or at such post offices as may be authorised by the * See General Notice No. 1885 of 1963 and Gazette Notice No. 1723 of 1966.')*Minister to accept applications for the issue of certificates.
(2) An employer who provides facilities to his employees for the purchase of certificates by means of regular deductions from salaries or wages shall submit an application for certificates in respect of his employees in duplicate in the form set out in the Schedule, with the appropriate remittance, to an office of the Department of Taxes.
6. Procedure on receipt of application
(1) On receipt of an application for a certificate accompanied by the appropriate remittance, an authorised officer shall issue a certificate to the applicant or to each person in respect of whom application is made, as the case may be.
(2) The certificate shall specify—
(a) the date of issue of the certificate; and
(b) the face value of the certificate; and
(c) the name and address of the holder;
and shall be signed by the authorised officer.
(1) Interest as provided for in sub-regulation (2) shall be paid on every certificate.
(2) The interest payable on a certificate shall be simple interest calculated at the rate of six per centum per annum for each completed month from the date of issue of the certificate to the date on which the certificate is surrendered.
(3) In the calculation of interest any fraction of an ngwee shall be disregarded.
[As amended by S.I. 39 of 1980.]
8. One month to elapse before certificate valid for payment of tax
A certificate shall not be valid for the payment of tax until at least one month has elapsed from the date of issue of the certificate.
9. Disposal of balance remaining after payment of tax
Where a certificate is surrendered for the payment of tax and after deducting the tax payable by the holder there is a balance outstanding, the amount of the balance shall be refunded to the holder.
10. Certificate to mature two years after date of issue
A certificate which has not been surrendered shall mature two years after the date of issue and an amount equal to the face value thereof, plus any interest due thereon, shall be credited to the tax account of the holder.
[Am by SI 157 of 1976.]
11. Certificate not transferable
A certificate shall not be transferable and any purported transfer thereof shall be void of tax.
12. Save as provided in regulations 13 and 14, certificate to be accepted solely in payment of tax
A certificate shall be issued solely for tax purposes and, save as provided in regulations 13 and 14, a certificate shall not be valid for any purpose other than for payment by the holder of any amount due in respect of tax.
13. In certain circumstances, certificate may be accepted otherwise than in payment of tax
(1) If the holder of a certificate—
(a) dies; or
(b) is adjudged or otherwise declared insolvent or bankrupt; or
(c) in the case of a company, is being wound up,
and proof thereof to the satisfaction of an authorised officer is furnished, the authorised officer shall, subject to the provisions of sub-regulation (2), pay to the executor, trustee or liquidator, as the case may be, on the surrender of the certificate, an amount equal to the face value of the certificate, plus any interest due thereon.
(2) Before making any payment under sub-regulation (1), the authorised officer shall deduct from the amount payable under that sub-regulation the amount of tax payable by the holder of the certificate or his estate, as the case may be.
*See section 8 of the Income Tax (Employments) Act (Act No. 7 of 1966) which remains in force until 30th June, 1971, as if that Act had not been repealed by the Income Tax Act (Cap. 668).')*14. Special circumstances in which certificate may be accepted for an amount equal to its face value, plus interest
If in any particular case there are special circumstances which, in the opinion of an authorised officer, justify the acceptance of a certificate otherwise than in payment of an amount due in respect of tax, the authorised officer shall, on the surrender of the certificate by the holder, pay to the holder an amount equal to the face value of the certificate, plus any interest due thereon.
15. Loss, destruction or defacement of certificate
(1) If a certificate is lost or destroyed and the loss or destruction is proved by the production to an authorised officer of—
(a) a declaration giving the circumstances of the loss or destruction, sworn by the holder before a commissioner for oaths or like authority; and
(b) such additional proof of the loss or destruction as the authorised officer may reasonably call for;
the authorised officer shall, on receipt of an indemnity to his satisfaction given by the holder, issue to the holder a duplicate copy of the lost or destroyed certificate.
(2) If a certificate is defaced, an authorised officer may, on the surrender of the defaced certificate, issue to the holder a duplicate copy of the defaced certificate.
[Regulation 5 (2)]
EMPLOYER'S APPLICATION FORM FOR TAX RESERVE CERTIFICATES
(to be submitted in duplicate)
To: ........................................................
Date: ........................................
Schedule of deductions from salaries or wages of the employees of ................................................................................ of .........................................................................................................................................(name of employer) ........................
.................................................................................................................................................................................................. (address of employer)
for the purchase of Tax Reserve Certificates.
*See section 8 of the Income Tax (Employments) Act (Act No. 7 of 1966) which remains in force until 30th June, 1971, as if that Act had not been repealed by the Income Tax Act (Cap. 668).
Full name of employee Address of employee Value of certificate required
K
Remittance herewith K Certificates to be sent to— (a) the employer at the above address. (b) the individual employees at their separate addresses. (Delete whichever is inapplicable) TAX RESERVE CERTIFICATES (DIRECT TAXES) NOTICE [Section 2] Arrangement of Paragraphs Paragraph 1. Title 2. Direct taxes 3. Revocation of GN No. 40 of 1964 SI 158 of 1976. [Notice by the Minister]
This Notice may be cited as the Tax Reserve Certificates (Direct Taxes) Notice.
The direct taxes set out in the Schedule hereto are hereby specified as direct taxes in respect of which the Government shall accept tax reserve certificates in payment by the holder thereof of any amount payable by him in respect of such taxes.
3. Revocation of GN No. 40 of 1964 Government Notice No. 40 of 1964 is hereby revoked. [Paragraph 2] SPECIFIED DIRECT TAXES Income Tax assessed under section 63 of the Income Tax Act, Cap. 668 of the old edition, or payable in accordance with that Act.{/mprestriction} |