Foreign Currency Levy (CAP. 175 1
THE FOREIGN CURRENCY LEVY ACT
Arrangement of Sections
1. Short title.
3 . Tax on transaction involving foreign currency.
4. Tax payable by recipient of foreign currency.
5. Tax when payable.
6. Rates of Tax.
7. Recovery of tax.
9 . Offences and or Punishment.
FOREIGN CURRENCY LEVY
(9th October, 1976)
1. This Act may be cited as the Foreign Currency tit'e.
2. In this Act, unless the context otherwise requires- Interpretation.
"authorised dealer" means, in relation to any foreign
currency, a person for the time being authorised
by an order of the Governor-General to act, for
the purposes of the Exchange Control Act as an
authorised dealer in relation to foreign currency;
LAWS OF ANTIGUA AND BARBUDA
2 CAP. 175) Foreign Currmy Levy
< ' foreign currency" means any currency other than local
currency and includes travellers cheques expressed in a
"local currency" means the currency issued by the
Eastern Caribbean Central Bank.
Tax on 3. There shall be imposed under the provisions of this
involving foreign Act, a tax on all transactions involving the purchase or sale
currency. or other dealings in foreign currency.
Tax payable by 4. Subject to the provisions of section 6(2) the tax is
foreign currency. due and payable by any person other than an authorised
dealer who receives or deals in foreign currency.
5 . (1) The tax shall be due and payable on payment
at the time the transaction is affected.
(2) It shall be the duty of the authorised dealer to col-
lect and remit the tax to the Commissioner of Inland Revenue
and the authorised dealer shall make such returns as may
be required by regulations made under section 8 within four-
teen days of the end of each calendar month specifying the
information required by such regulations.
Rates of Tax. 6 . (1) The tax shall subject to subsection (2) be at
the rate of one per centum of the gross value of the
(2) (a) No tax shall be due on purchase or sale of or
dealings in foreign currency of a value less than twenty-
five dollars in local currency.
(b) Tax amounting to one dollar of local currency
shall be due and payable on all taxable transactions
where the gross value thereof is not more than one
hundred dollars nor less than twenty-five dollars in local
(3) The Minister may by Order vary the rate of the tax.
Recovery of tax. 7. All tax due under the provisions of this Act may
be recovered by the Commissioner of Inland Revenue as
LAWS OF ANTIGUA AND BARBUDA
Foreign Currency Leuy (CAP. 175 3
a debt due to the Crown, and without prejudice to any other
remedy may be recovered in a court of competent jurisdic-
tion as a civil debt.
8. The Financial Secretary may make regulations for Regulations.
the better carrying into effect of the provisions of this Act
and without prejudice to the generality of the foregoing he
may make regulations-
(a) providing for information to be supplied by
authorised dealers when accounting for the tax;
(6) providing for the method of payment of the tax
to the Commissioner of Inland Revenue;
(c) providing for the issue of receipts upon pay-
ment of the tax.
9. (1) Where anyone fails to pay or account for tax Offences and
imposed under the terms of this Act he shall be guilty of
an offence and liable on summary conviction to a fine not
exceeding five thousand dollars or to imprisonment for a
term not exceeding one year.
(2) Where the offence is committed by a body corporate,
any person who at the time of the commission of the offence
was a Director, General Manager, Secretary or other similar
officer of the body corporate, or was purporting to act in
any such capacity, shall be deemed to be guilty of that of-
fence, unless he proves that the contravention was commit-
ted without his consent or connivance and that he exercised
all such diligence to prevent the commission of the offence
as he ought to have exercised having regard to the nature
of his functions in that capacity and to all the circumstances.