Foreign Currency Purchase Tax Amendment Act 1994

Link to law: http://www.bermudalaws.bm/Laws/Annual%20Laws/1994/Acts/Foreign%20Currency%20Purchase%20Tax%20Amendment%20Act%201994.pdf

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Foreign Currency Purchase Tax Amendment Act 1994
The Laws of Bermuda
Annual Volume of Public Acts 1994 : 3

1

19

BERMUDA
1994 : 3

FOREIGN CURRENCY PURCHASE TAX AMENDMENT ACT
1994

[Date of Assent 21 March 1994]

[Operative Date 14 February 1994]

WHEREAS it is expedient to amend the Foreign Currency
Purchase Tax Act 1975:

Be it enacted by The Queen's Most Excellent Majesty, by and
with the advice and consent of the Senate and the House of Assembly of
Bermuda, and by the authority of the same, as follows:

Short title
1 This Act may be cited as the Foreign Currency Purchase Tax
Amendment Act 1994.

Amendment of s 2(1) of Act No 32 of 1975
2 Section 2(1) of the Foreign Currency Purchase Tax Act 1975 ("the
Act") is amended by deleting the words "a resident" and everything
following those words and substituting "foreign currency is purchased by
a resident from a bank.".

Repeal and replacement of s 7 of Act
3 Section 7 of the Act is repealed and the following section is
substituted—

FOREIGN CURRENCY PURCHASE TAX AMENDMENT ACT
1994

2

20

"Amendment of Schedules
7 (1) The Minister may by order amend—

(a) the First Schedule;

(b) the list of exemptions specified in the Second Schedule.

(2) An order made under subsection (1) is subject to the
affirmative resolution procedure.".

Repeal and replacement of First Schedule to Act
4 The First Schedule to the Act is repealed and the following is
substituted—

"FIRST SCHEDULE (Section 2(2))

The rate at which tax is to be charged on a purchase for the
purposes of a transaction which is not an exempted transaction is
0.25%.".

Commencement
5 This Act is deemed to have come into operation on 14 February
1994.