Income Tax (Amendment) Act 2005

Link to law: http://laws.gov.ag/acts/2005/a2005-2.pdf

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Income Tax (Amendment) Act 2005
No. 2 of 2005. ANTIGUA
AND

BARBUDA

1The Income Tax (Amendment) Act, 2005.

ANTIGUA AND BARBUDA

No. 2 of 2005

AN ACT to amend the Income Tax Act.

[ Published in the Official Gazette Vol. XXV No. 21
dated 31st March, 2005. ]

ENACTED by the Parliament of Antigua and Barbuda as
follows:

1. This Act may be cited as the Income Tax (Amendment)
Act, 2005 and shall come into operation on the 1st April, 2005.

2. The Income Tax Act, in this Act referred to as “the principal
Act”, is amended by the repeal of the following:

Section 5(1)(c), 5(1)(i), 5(2)(b) and 5(3); section 6(1) and
sectiion 18

3. Section 31 of the principal Act is repealed.

4. Section 32 of the principal Act is repealed and the following
substituted:

32. (1) Except to the extent provided in
subsection (2), the tax on the chargeable
income of a company shall, for the period
commencing on the 1st April, 2005 and ending
on the 31st December, 2005 and for subsequent
income years, be charge at the rate of thirty
percent per dollar of the chargeable income.

Short title and
commencement.

Repeal of certain
provisions of
sections 5, 6 and
of section 18.
Cap.212.

Repeal of section
31.
Repeal and
substitution of
section 32.

“Rates of tax on
income of
companies and
certain financial
institutions
Act No. 18 of
1995.

[ L.S.]

I Assent,

James B. Carlisle,
Governor-General.

31st March, 2005

No. 2 of 2005.The Income Tax (Amendment) Act, 2005.ANTIGUA
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2

(2) In respect of the income year
commencing on the 1st January, 2005, the tax
on the chargeable income of a financial
institution licensed under the Banking Act that
maintains, throughout that year, its commercial
lending rates at or below ten percent and its
residential mortgage rates at or below eight
percent shall be charged at the rate of twenty-
seven and a half per cent per dollar of the
chargeable income.”.

5. Sections 32A and 46A are repealed.

6. Section 49A of the principal Act is amended —

(a) by renumbering section 49A(1) as section 49A; and

(b) by the deletion of subsection (2).

7. Section 49B of the principal Act is amended by the deletion
of the figure “49A”.

8. Section 49C of the principal Act is amended by the deletion
of the figure “46C”.

9. Section 53 of the principal Act is amended in subsection
(1) by the deletion of the words “proceed to assess every person”
and the substitution of the words “proceed to review the returns
of every person”.

10. Section 55 of the principal Act is repealed and the following
substituted:

55. The Commissioner shall in respect of
each income year, prepare and maintain a list
of persons entitled to a refund or liable to pay
tax which has been underpaid and shall certify
the list.”

11. Section 62 of the principal Act is repealed and the following
section substituted:

Repeal of
sections 32A and
46A.

Amendment of
section 49A.

Amendment of
section 49B.

Amendment of
section 49C.

Amendment of
section 53

Repeal and
substitution of
section 55.

“List of persons
assessed.

Cap. 40.

Repeal and
substitution of
section 62.

No. 2 of 2005. ANTIGUA
AND

BARBUDA

3The Income Tax (Amendment) Act, 2005.

Repeal of
sections 64, 65,
66, 67, 69(2).

62. (1) The tax appearing in the list referred
to in section 55 shall be payable on or before
the prescribed date.

(2) The collection of tax shall, in cases
where notice of an objection or an appeal has
been given, remain in abeyance until such
objection or appeal is determined:

Provided that the Commissioner may in
such case enforce payment of that
portion of the tax (if any) which is not in
dispute.

(3) Where payment of tax in whole or in
part has been held over pending the result
of a notice of objection or of an appeal, the
tax outstanding under the assessment as
determined on such objection or appeal, as
the case may be, shall be payable within
thirty days from the day on which the
objection or appeal was determined, and if
such tax is not paid within such period,
payment thereof may be enforced under the
provisions of this Act.

(4) Where after assessment has been made
in accordance with the provisions of this Act
any amount collected pursuant to the
provisions of section 65 is found to be in
excess of the tax shown to be payable in the
assessment, the excess shall be refunded as
soon as practicable thereafter and, in any case,
not later than three months after the
assessment has been made.”

12. Sections 64, 65, 66, 67 and 69(2) of the principal Act are
repealed.

“Collection of
tax.

No. 2 of 2005.The Income Tax (Amendment) Act, 2005.ANTIGUA
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________
Printed at the Government Printing Office, Antigua and Barbuda,

by Walter A. Massiah, Government Printer
— By Authority, 2005.

1000–3.05 [ Price $2.25 ]

Passed by the House of Representatives
this 24th day of March, 2005.

D. Giselle Isaac-Arrindell,
Speaker.

Yvonne Henry,
Clerk to the House of Representatives.

Passed by the Senate this
29th day of March, 2005.

Hazlyn M. Francis,
President.

Yvonne Henry,
Clerk to the Senate.

No. 2 of 2005. ANTIGUA
AND

BARBUDA

5The Income Tax (Amendment) Act, 2005.

ANTIGUA AND BARBUDA

THE INCOME TAX (AMENDMENT) ACT, 2005

ARRANGEMENT OF SECTIONS

Section

1. Short title and commencement.

2. Repeal of certain provisions of sections 5 and 6 and of section 18.

3. Repeal of section 31.

4. Repeal and substitution of section 32.

5. Repeal of sections 32A and 46A.

6. Amendment of section 49A.

7. Amendment of section 49B.

8. Amendment of section 49C.

9. Amendment of section 53.

10. Repeal and substitution of section 55.

11. Repeal and substitution of section 62.

12. Repeal of sections 64, 65, 66, 67 and 69(2).