Asian Village Resort (Incentives) (Amendment) Act 1997

Link to law: http://laws.gov.ag/acts/1997/a1997-15.pdf

No. 15 of 1997. The Asian Village Resort (Incentives) 1 ANTIGUA
(Amendment) Act 1997. AND

[L.S.]

I Assent,

James B. Carlisle,
Governor-General.

22nd January, 1998.

ANTIGUA ANDBARBUDA

No. 15 of 1997

AN ACT to amend the Asian Village Resort (Incentives) Act 1997.

[ 29th January, 1998 1

ENACTED by the Parliament of Antigua and Barbuda as fol-

lows-

1. This Act may be cited as the Asian Village Resort (Incentives) short title.
(Amendment) Act 1997.

2. The Asian Village Resort (Incentives) Act, in this Act referred Amendment of
to as the principal Act is amended in section 2 by deleting the section 2.
definition of "the Agreement" and substituting the following -

"the Agreement" means the Agreement dated the 18th of
February 1997 between the Government of Antigua and
Barbuda and the Asian Village (Antigua) Limited as amended
and ratified by the House of Representatives on 4th June
1997."

3. Section 3 of the principal Act is amended in subsection (2) by Amendment of
inserting a full stop after the word "Act" and deleting the words "and section 3.
the Agreement."

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AND (Amendment) Act 1997.

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Amendment of 4. Section 5 of the principal Act is amended by the repeal of
section 5. subsection (1) and the substitution of the following -

(1) Expatriates employed by the Enterprise are hereby
exempted from income tax on their employment income and
shall have the right to repatriate so much of their employment
income as may be necessary."

Amendment of 5. Section 6 of the principal Act is amended as follows -
section 6.

( a ) in subsection (1) by inserting a full stop after the word
"kind" and by deleting the words "but not including
handling charges."

( b ) in subsection (2) by deleting paragraph (a) and substi-
tuting the following -

" (a) sell or dispose of any .of the items mentioned in
subsection (1) which has been imported free of
customs duties, taxes, surcharges or other im-
post; or"

Amendment of 6. Section 7 of the principal Act is amended as follows -
section 7.

(a ) in subsection (1) by the repeal of subsection (1) and the
substitution of the following -

" (1) Notwithstanding anything to contrary
contained in any law for the time being in force,
theEnterprise, the project Company and its finan-
cier shall for a period commencing on the 18th of
September, 1997 and terminating on the 17th
September, 2012, be exempted fromduties, prop-
erty or other taxes or assessment, withholding
taxes howsoever for any profits, share transfers,
mortgages, repayment of mortgage, dividends
and interest payments.

No. 15 of 1997. The Asian Village Resort (Incentives) 3 ANTIGUA
(Amendment) Act 1997. AND

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( b ) in subsection (2) by deleting the full stop after the word
"be" and inserting the following -

"which loss may be applied against income s
profits in succeeding years until exhausted."

7. Section 12 of the principal Act is amended as follows - Amendment of
section 12.

( a ) by deleting subsection (3) and substituting the follow-
ing-

"(3) Except for licences already granted within the
existing established zone (six miles radius of the
properties and operations of the Enterprise and
the Parish of St. John) no new licences shall be
granted to any person to operate a casino within
such zone.

( b ) in subsection (4) by deleting the words "consultation
with";

( c ) by the repeal of subsection (5);

(d ) in subsection (7) by- *;'deleting the Semicolon and the
words "provided that the casino operators have s~~ffi-
cient foreign currency reserves to meet such repatria-
tion";

( e ) by the repeal of subsection (9) and the substitution of
the following-

"(9) The management of the casino operated
by the Enterprise are hereby permitted to estab-
lish minimum standards of conduct and code of
dress for entry into the resort in general and
casino in particular and the management are
hereby granted the right to apply those minimum
standards of conduct and code of dress equally

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AND (Amendment) Act 1997.

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and without discrimination to all visitors and
guests to the resort and the casino."

(f) by renumbering subsections (6), (7), (8), (9), (1 0) and (1 1)
as subsections ( 3 , (6), (7), (8), (9) and (10).

Amendment of
section 13.

Amendment of
section 15.

Section 16 is
repealed and
replaced.

Amendment of
section 17.

Section 18 is
repealed and
replaced.

8. Section 13 of the principal Act is amended in subsection (1) by

inserting after the word project the words "in Antigua and Barbuda."

9. Section 15 of the principal Act is amended by inserting after the
word "fee" the words "or processing fee."

10. Section 16 is repealed and substituted by the following -

"16. Notwithstanding the provisions of any law now in
force, the Enterprise, its affiliates and subsidiaries shall not be
liable for the payment of any and all taxes payable in respect
of any compuisory acquisition of the demised property or any
part thereof."

11. Section 17 is amended by deleting the word "developed" and
inserting after the word "land" the words "in pursuance of the
development contemplated by this Act and the Agreement."

12. Section 18 of the principal Act is repealed and substituted by
the following-

"18. Notwithstandng the provisions of any law now in
force, the Enterprise is hereby exempted from paymcnt of any
tax or duty upon the sale or lease of any part of the demised
property to any Third Party and the Third Party only shall be
required to pay tax or duty which is hereby established at a
maximum rate of 3% of the transaction value. The Cornmis-
sioner of Inland Revenue shall, for aperiod of fifteen years from
the date of transfer of the demised property to the Enterprise,
levy and charge stamp duty at the maximum rate of 3% on any
subsequent sale, transfer or lease of any part of the demised
property between the Vendor and the Purchaser.

No. 15 of 1997. The hian Village Resort (Incentives) 5 ANTIGUA
(Amendment) Act 1997. AND

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13. Section 22(3) of the principal Act is amended by adding at the Amendment of
end of the subsection the following - section 22 (3).

"Provided that the Enterprise shall further be permitted to
construct an aircraft hangar of sufficient size, with hard
standing area for aircraft belonging to the Enterprise or its
aff11iate7s jet aircraft or any other aircraft directly connected
with the project to which the Enterprise has given the Govern-
ment notice.

14. Section 24 of the principal Act is repealed and replaced by the section 24 is
following- repealed and

replaced.

"24. The Enterprise shall be granted permits and licences
for the enumerated items in the Schedule hereto."

15. Section 29 is repealed and substituted by the following - Section 29 is
repealed and

'29. (1) Notwithstanding anything to the contrary con- =placed.
tained in any law for the time being in force, the planning
authority shall not approve the building of any new polluting
industries that are within the geographical radius of two (2)
miles from the project, including but not limited to any industry
or structure which may cause any undesirable noise, smell,
sight, discharge of gas or discharge into the sea.

(2) Any new chimney permitted to be built within geo-
graphical radius of ten (10) miles from the project shall -

( a ) be so sited as to ensure that any emission shall
not be blown towards the project;

( b ) be constructed in strict accordance with World
Bank guidelines on emission in the environment
such that any dispersement of emission shall not
be concentrated at ground level."

16. Section 31 of the principal Act is amended by inserting after Amendment of
the word authorities the words "which approval shall not be unrea- 31.

sonably withheld."

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Section 32 is 17. Section 32 of the principal Act is repealed and substituted by
r e ~ d e d and the following- replaced.

Permission
to build over 32. (1) Subject to the provisions of the Beach
water. Control Act and the Beach Protection Act, the

Enterprise is .-crmitted to construct over water.

(2) The Enterprise shall, with the approval of
the Cabinet and having regard to the provisions
of the Agreement and the mutual benefits to be
derived in the development of the project and
equity interest of both parties, be permitted to
move such boundaries as may be necessary to
encompass construction to suit the project re-
quirement.

section 33 a&ied. 18. The principal Act is amended by adding the following new
section-

Financial Ar- 33. (1) Where in pursuance of the Agreement
rangement. the Government is required to undertake any

work for the project, but is financially unable to
carry out such work, it may, by writing, request
the Enterprise to cany out such work on behalf of
the Government.

(2) Upon receipt of such request as is men-
tioned in subsection (I), the Enterprise shall
submit to the Government for approval aplan and
the estimated cost of carrying out such work.

(3) ?he Government shall, within seven days
of the receipt of the plan and the estimated cost,
approve the plan and the estimated cost and
authorize the Enterprise to carry out the work as
approved by the Government.

(4) The Enterprise shall, after completing the
work, submit to the Government a demand notice
of expenses incurred in carrying out the work.

No. 15 of 1997. The Asian Village Resort (Incenlives) 7 ANTIGUA
(Amendment) Act 1997. AND

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(5) The expenses incurred by theEnterprise in
completing the work authorised by the Govern-
ment under this Act shall be a charge on the
Consolidated fund and the Government shall pay
such expenses within seven days of the receipt
of the demand notice.

(6) Where the Government is unable to make
such payment as is provided under subsection
(5) the Enterprise shall be entitled to set off such
expenses by withholding an equivalent amount
of taxes, duties or rents due and owing by the
Enterprise to the Government. Any remaining
balance of taxes, duties or rents due and owing by
the Enterprise to the Government in excess of the
amount withheld shall be paid promptly to the
Government by the Enterprise.

19. The principal Act is amended by the repeal of Schedule 11. Repeal of
Schedule 11.

Passed by the House of Representatives this Passed by the Senate this
16th day of December, 1997. 22nd day of December, 1997.

B. Harris,

Speaker.

M. Percival,

President.

S. Walker, S. Walker,

Clerk to the House of Representatives. Clerk to the Senate.

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Printed at the Government Printing Office, Antigua and Barbuda,

by Rupert Charity, Government Printer
-By Authority, 1998.

&00--1.98 [ Price $2.95 1
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