Banking Credit Cards (Compounding of Duty) Regulations, 1998

L.N. 22 of 1998

DUTY ON DOCUMENTS AND TRANSFERS ACT, 1993

(ACT NO. XVII OF 1993)

Banking Credit Cards (Compounding of Duty) Regulations, 1998

IN exercise of the powers conferred by section 22 of the Duty

on Documents and Transfers Act, 1993, the Minister of Finance and

Commerce has made the following regulations:-

(1) These regulations may be cited as the Banking Credit

Cards (Compounding of Duty) Regulations, 1998.

(2) These regulations shall be deemed to have come into

force on the 16th January, 1998.

(1) Subject to the provisions of these regulations, the

Commissioner may authorise that the payment of duty on the issue

or renewal of banking credit cards may be made by means of

compounding.

(2) Payment of the duty shall be made at such intervals

as the Commissioner may determine.

The Commissioner shal1 exercise such control as he

considers necessary in regard to the payment of the duty due on the

issue or renewal of banking credit cards, the keeping of proper

records in respect of the issue or renewal of such cards, and all other

ancillary matters.

(1)

Any person who -

(a) fails to abide with any requirement of the

Commissioner issued pursuant to these regulations; or

(b) prevents or obstructs the Commissioner from

exercising such control as he may deem necessary for the

purposes of these regulations,

shall be liable to a penalty not exceeding Lm500.

(2) The Commissioner may, at his discretiion, remit or

reduce any penalty incurred under paragraph (1) hereof.