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Value Added Tax Revenue Distribution (Budget Provision 2001) Act 2000

PAPUA NEW GUINEA

Value Added Tax Revenue Distribution (Budget Provisions 2001) Act 2000.


No. 61 of 2000
Certified on: 02/02/2001


AN ACT

Entitled

Value Added Tax Revenue Distribution (Budget Provisions 2001) Act 2000,

Being an Act to amend the Value Added Tax Revenue Distribution Act 1998,

MADE by the National Parliament to come into operation on 1 January 2001.

  1. INTERPRETATION (AMENDMENT OF SECTION 1).

Section 1 of the Principal Act is amended-

(a) by repealing the definition of "mining levy"; and
(b) by inserting before the definition of "Provincial VAT Trust Account" the following:-
(c) by repealing the definition of "top up distributions.".
  1. REPEAL AND REPLACEMENT OF SECTION 5.

The Principal Act is amended by repealing Section 5 and replacing it with the following:-

"5. ADDITIONAL REVENUE TO BE PAID INTO PROVINCIAL VAT TRUST ACCOUNTS.
Such additional amounts shall be paid into the Provincial VAT Trust Accounts as are required to meet-
  1. REPEAL AND REPLACEMENT OF SECTION 6.

The Principal Act is amended by repealing Section 6 and replacing it with the following:-

"6. VALUE OF DISTRIBUTIONS TO PROVINCES.
(1) In this section -
"(2) In the calendar year 2001 and in subsequent years, each province shall be paid each month:-
  1. REPEAL AND REPLACEMENT OF SECTION 7.

The Principal Act is amended by repealing Section 7 and replacing it with the following:-

"7. ORDER OF PRECEDENCE OF DISTRIBUTIONS FROM THE TRUST ACCOUNTS.
Revenue held in the Trust Accounts established under this Act is appropriated and shall be paid and distributed as follows:-
  1. REPEAL AND REPLACEMENT OF SECTION 9.

The Principal Act is amended by repealing Section 9 and replacing it with the following:-

"9. TIME OF DISTRIBUTION OF REVENUE TO THE PROVINCES.
A province shall, within 21 days of the end of each month, be entitled.to receive the total amount of revenue paid into its respective Provincial VAT Trust Account subject to the limit set by Section 6.".

I hereby certify that the above is a fair print of the Value Added Tax Revenue Distribution (Budget Provisions 2001) Act 2000 which has been made by the National Parliament.

Acting Clerk of the National Parliament.

02 FEB 2001

I hereby certify that the Value Added Tax Revenue Distribution (Budget Provisions 2001) Act 2000 was made by the National Parliament on 7 December 2000.

Acting Speaker of the National Parliament.

02 FEB 2001


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