M-Wakili

FINANCE ACT 2007 - as Plain Text by MWakili

SPECIAL ISSUE Kenya Gazette Supplement No.

105 (Acts No.

9) REPUBLIC OF KENYA REPUBLIC KENYA GAZETTE SUPPLEMENT ACTS, 2007 NAIROBI, 26th October, 2007 CONTENT ct Act PAGE The Finance Act, 2007 267 PRINTED AND PUMISFfVD I1Y THE GOVERNMENT PRINTER.

NAIROBI 267 THE FINANCE ACT No.

9 of 2007 Date of Assent: 22nd October, 2007 Date of Commencement: See Section 1 An Act of Parliament to amend the law relating to various taxes and duties and for matters incidental thereto ENACTED by the Parliament of Kenya, as follows - PART I - PRELIMINARY 1.

This Act may he cited as the Finance Act, 2007 and Short title and shall come into operation, or be deemed to have come into commencement.

operation, as follows- (a) sections 31, 32 and 34, on 1st July, 2005; (b) sections 2, 4, 5, 6, 7(b), 7(e), 8, 9, 10, 11, 14, 15(c), 15(d), 16, 17, 19, 21, 22(b), 23, 24, 25, 26, 27, 28(c), 29, 30, 37, 38, 39, 40, 41, 44, 45, 66, 67, 70, 75, and 76, on the 15th June, 2007; (c) sections 7(a), 12, 15(a) and (b), on the IS` July, 2007; (d) section 7(c), on the 1 st October, 2007; (e) section 7(d), on the 16th October, 2007; (f) sections 3, 13, 18, 20, 22(a), 28(a) 28(b), 33, 35, 36, 42, 43, 46, 47, 48, 49, 50, 51, 52, 53, 54,55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 68, 69, 71, 72,73, and 74, on the 1st January, 2008.

268 No.

9 Finance 2007 PART II CUSTOMS AND EXCISE Amendment of 2.

Section 2 of the Customs and Excise Act is amended section 2 of by inserting the following new definition in proper Cap.472.

alphabetical sequence - 'services" means - (a) any supply by way of business that is not a supply of goods or money; or (b) anything which is not a supply of goods but is done for a consideration (including, if so done, the granting, assignment or surrender of any right).

Amendment of 3.

Section 90 of the Customs and Excise Act is section 90 of amended by- Cap.472.

(a) re-numbering the existing subsection (2) as subsection (3): (b) inserting a new subsection (2) as follows (2) Notwithstanding the provisions of this Act, no licence shall be issued for the manufacture of plastic bags of less than thirty microns.

Amendment of 4.

Section 135 of the Customs and Excise Act is section 135 of amended by inserting the following new subsection Cap.472.

immediately after subsection (5) - (5A) Notwithstanding the foregoing provisions of this section, in calculating the quantity of spirits produced at a distillery, the Commissioner may apply such other method as may be prescribed after consultation with the industry.

Insertion of a5.

The Customs and Excise Act is amended by inserting new section a new section immediately after section 166B as follows - 166C in Cap.472.

269 2007 Finance No.

9 166C (1) Where the Commissioner has Preservation of reasonable cause to believe that a person - funds.

(a) has manufactured excisable goods on which tax has not been charged; or (b) has collected duty which has not been accounted for; and (c) is likely to frustrate the recovery of duty if information of the Commissioner's suspicion under this subsection is disclosed to him, the Commissioner may make an ex-purse application to the High Court, in this section referred to as "the Court", and the Court may issue an order to any person or institution holding funds belonging to the person, prohibiting the transfer, withdrawal or disposal of, or any other involving such funds.

(2)An order under subsection (1) shall have effect for 30 days and may be extended by the Court on application by the Commissioner.

(3) A person whose funds are the subject of an order under this section may, within 15 days of being served with the order, apply to the Court to discharge or vary the order or dismiss the application.

270 No.

9 Finance 2007 (4) Where the Court has issued an order under this section, the Commissioner shall, within a period of 30 days of the order, determine the excise duty due and payable, issue a notice of assessment and commence recovery of such duty in accordance with the provisions of this Act.

(5) Upon issuance of a notice of assessment under subsection (4), the order shall automatically expire unless extended by the Court upon application by the Commissioner.

(6) A person served with an order under this section who, in any way, interferes with the funds to which it relates commits an offence.

(7) A person who preserves funds or any account pursuant to a Court order under this section, shall for all purposes, be deemed to have acted within the authority thereof and such person and all other persons concerned shall be indemnified in respect of the actions taken in connection therewith, against all proceedings, civil or criminal and all process, judicial or extrajudicial, notwithstanding any provisions to the contrary in any written law, contract or agreement.

Amendment of 6.

The Fourth Schedule to the Customs and Excise Act the Fourth is amended in the manner set out in the First Schedule to this Schedule to Act.

Cap.472.

Amendment of 7.

The Fifth Schedule to the Customs and Excise Act is the Fifth amended in the manner set out in - Schedule to Cap.472.

(a) item (a) of the Second Schedule to the Act; (b) item (b)(i) of the Second Schedule to this Act; 271 2007 Finance No.

9 (c) item (b)(ii) of the Second Schedule to this Act; (d)item (b)(iii) of the Second Schedule to this Act; (e)item (c) of the Second Schedule to this Act.

PART III - VALUE ADDED TAX 8.

Section 2 of the Value Added Tax Act is amended in Amendment of subsection (1)- section 2 of Cap.

476.

(a) by deleting the definition of "building" and substituting therefor the following new definition - "building" includes garages, dwellings, apartment houses, hospitals and institutional buildings, colleges, schools, churches, office buildings, factories, warehouses, theatres, cinemas, silos and similar roofed structures affording protection and shelter"; (b) by deleting item (g) appearing in the definition of "supply"; (c) by inserting the following new definitions in proper alphabetical sequence 272 No.

9 Finance 2007 "auditor" means a person who holds a practising certificate or a written authority to practice issued Cap.53 1 under the provisions of the Accountants Act; "residential buildings" means dwellings built or used to accommodate persons for residential purposes; "shipstores" means goods for use in aircraft and vessels engaged in international transport for consumption by passengers and crew and goods for sale on board.

Amendment of 9.

Section 19A of the Value Added Tax Act is section 19A of amended- Cap.

476.

(a) by inserting a new proviso at the end of subsection (1) as follows - "Provided that the Commissioner may, at any time, revoke an appointment under this subsection if he deems it appropriate to do so for the protection of revenue".

(b) by adding new subsections immediately after subsection (2) as follows - (3) For the avoidance of doubt, the withholding of tax under subsection (2) shall not relieve the supplier of taxable goods or services of the obligation to account for tax in accordance with this Act and the regulations.

273 2007 Finance No.

9 (4) Notwithstanding the foregoing provisions of this section, the Commissioner may, on application by the supplier of any goods or services to which subsection (2) applies, waive the requirements of this section in respect of the tax due thereon, if satisfied that owing to the nature of the supplier's business, it is impracticable to withhold and account for the tax in accordance with this section.

10.

The Value Added Tax Act is amended by inserting a Insertion of a new section immediately after section 19A as follows - new section 19B to Preservation 19B (1) Where the Commissioner has reasonable Cap.476.

of funds.

cause to believe that a person - (a) has made taxable supplies on which tax has not been charged; or (b) has collected tax which has not been accounted for; and (c) is likely to frustrate the recovery of tax if information on the Commissioner's suspicion under this subsection is disclosed to him, the Commissioner may make an ex-parte application to the High Court, in this section referred to as "the Court, and the Court may issue an order to any person or institution holding funds belonging to the person, prohibiting the transfer, withdrawal or disposal of, or any other dealings involving such funds.

(2)An order under subsection (1) shall have effect for 30 days and may be extended by the Court on application by the Commissioner.

274 No.

9 Finance 2007 (3) A person whose funds are the subject of an order under this section may, within 15 days of being served with the order, apply to the Court to discharge or vary the order or dismiss the application.

(4) Where the Court has issued an order under this section, the Commissioner shall, within a period of 30 days of the order, determine the tax due and payable, issue a notice of assessment and commence recovery of such tax in accordance with the provisions of this Act.

(5) Upon issuance of a notice of assessment under subsection (4), the order shall automatically expire unless extended by the Court upon application by the Commissioner.

(6) A person served with an order under this section who, in any way, interferes with the funds to which it relates commits an offence.

(7) A person who preserves funds or any account pursuant to a Court order under this section, shall for all purposes, be deemed to have acted within the authority thereof and such person and all other persons concerned shall be indemnified in respect of the actions taken in connection therewith, against all proceedings, civil or criminal and all process, judicial or extrajudicial, notwithstanding any provisions to the contrary in any written law, contract or agreement.

Amendment of 11.

Section 23 of the Value Added Tax Act is amended section 23 of in subsection (3) - Cap.

476.

275 2007 Finance No.

9 (a) by deleting paragraph (b) and inserting a new paragraph as follows - (b) maize, wheat, sugar, milk, edible vegetable fats and oils, rice, textiles, new and used clothing and footwear, imported or purchased locally during periods of civil strife, national calamity or disaster declared under any law for the time being in force, or where they are intended for use in officially recognized refugee camps in Kenya; (b) by deleting paragraph (f); (c) by inserting the following new paragraphs immediately after paragraph(j) (k) taxable goods and services supplied by a registered person for use in the construction or expansion of private universities (excluding student hostels and staff housing) with the approval of the Minister, on the recommendation of the Minister responsible for education; (1) taxable goods and services supplied by a registered person to a specific project approved by the Minister, on the recommendation of the Minister responsible for housing, for the construction of not less than twenty housing units for low income earners, subject to such conditions as may be prescribed.

12.

The Second Schedule to the Value Added Tax Act is Amendment of amended in Part 1, in the manner specified in the Third the Second Schedule to this Act.

Schedule to Cap.476.

276 No.

9 Finance 2007 Amendment of The Third Schedule to the Value Added Tax Act is 13.

the Third amended in paragraph 10 by deleting subparagraph (c).

Schedule to Cap.476.

Repeal of The Value Added Tax Act is amended by repealing Fourth 14.

Schedule to the Fourth Schedule.

Cap.476 Amendment of The Fifth Schedule to the Value Added Tax Act is 15.

the Fifth amended in the manner specified in - Schedule to Cap.476 (a) item 1; (b) item 2(a); (c) item 2(b) of Part I of the Fourth Schedule; (d) Part II to the Fourth Schedule to this Act.

Amendment of 16.

The Sixth Schedule to the Value Added Tax Act is the Sixth amended- Schedule to Cap.476 (a) by deleting paragraph 1(c); (b) by deleting the proviso to paragraph 16.

Amendment of The Eighth Schedule to the Value Added Tax Act is 17.

the Eighth amended - Schedule to Cap.476 (a) in Part A by deleting paragraph (1) of item 9; (b)in Part B (i) by inserting the words "leased or" immediately before the word "imported", appearing in paragraph (2) of item 1; 277 2007 Finance No.

9 (ii) by adding the words "leased, imported or purchased by a ship or vessel operator" at the end of paragraph (1) of item 7; (iii) by inserting the words "leased or" before the word "imported" appearing in item 21.

PART IV INCOME TAX 18.

Section 5 of the Income Tax Act is amended - Amendment of section 5 of (a) by deleting subsection (2B) and inserting the Cap.470.

following new subsections - (2B) Where an employee is provided with a motor vehicle by his employer, he shall be deemed to have received a benefit in that year of income equal to the higher of (a) such value as the Commissioner may, from time to time, determine; and (b) the prescribed rate of benefit.

Provided that - (i) where such vehicle is hired or leased from a third party, the employee shall be deemed to have received a benefit in that year of income equal to the cost of hiring or leasing; or 278 No.

9 Finance 2007 (ii) where an employee has restricted use of such motor vehicle, the Commissioner shall, if satisfied of that fact upon proof by the employee, determine a lower rate of benefit depending on the usage of the motor vehicle.

(2C).

For the purposes of subsection (2B) - "prescribed rate of benefit" means the following rates in respect of each month (a) in the 1996 year of income, 1% of the initial capital expenditure on the vehicle by the employer; (b) in the 1997 year of income, 1.5% of the initial capital expenditure on the vehicle by the employer; and (c) in 1998 and subsequent years of income, 2% of the initial expenditure on the vehicle by the employer.

(b) in subsection (4) - (i) by inserting the following words in paragraph (b) immediately after the words "medical services provided by the employer" "or medical insurance provided by an insurance provider approved by the Commissioner of Insurance and paid for by the employer on behalf of a full-time employee." 279 2007 Finance No.

9 (ii) by inserting a new paragraph immediately after paragraph (e) as follows - (f) meals served in canteens and cafeterias operated by an employer for the benefit of his low-income employees, subject to such conditions as the Commissioner may approve: Provided that for the purposes of this paragraph, "low income employee" means an employee who is not a member of the management staff of the employer.

(c) in subsection (6), by adding the following expression at the end of paragraph (a) - "and shall be deemed to have accrued to the employee either at the time the option vests in the employee or the option is exercised by the employee, whichever is the earlier".

19.

Section 9 of the Income Tax Act is amended in Amendment subsection (1) by deleting the words "that percentage of the of section 9 of full amount received on account of the carriage which the Cap.470.

commissioner may determine to be just and reasonable" and substituting therefor the words "the gross amount received on account of the carriage".

20.

Section 15 of the Income Tax Act is amended in Amendment subsection (2) by adding the following at the end of of section 15 subparagraph (a) - of Cap.470.

"and the Commissioner may prescribe such guidelines as may be appropriate for the purposes of determining bad debts under this subparagraph".

280 No.

9 Finance 2007 Amendment Section 22C of the Income Tax Act is amended - of section 22C 21.

of Cap.470.

(a) in subsection (3), by deleting the words "in trust for the depositor" appearing immediately after the word "institution"; (b) in subsection (4), by deleting the words "in qualifying assets" appearing at the end of the subsection and substituting therefor the words "in accordance with the prudential guidelines issued by the Central Bank"; (c) in subsection (8), by deleting the definition of "qualifying assets".

Amendment Section 34 of the Income Tax Act is amended - of section 34 22.

of Cap.470.

(a) in subsection (1), by inserting the following new paragraph immediately after paragraph (g) - (h) tax upon gross receipts of a person chargeable to tax under section 12C shall be charged at the resident rate for that year of income; (b) in subsection (2), by inserting the following new paragraph immediately after paragraph (h)- (i) a payment in respect of gains or profits from the business of a ship owner which is chargeable to tax under section 9.

281 2007 Finance No.

9 23.

Section 35 of Income Tax Act is amended in Amendment subsection (3)- of section 35 of Cap.470.

(a) by inserting a new proviso at the end of paragraph (0 as follows- Provided that for the purposes of this paragraph, contractual fee within the meaning of "management or professional fee" shall mean payment for work done in respect of building, civil or engineering works.

(b) in subsection (3)(h) by inserting the words "(other than aircraft)" immediately after the word "asssets".

(c)by deleting subsection (3C).

24.

Section 39 of the Income Tax Act is amended in Amendment subsection (1) by inserting a new paragraph immediately of section 39 after paragraph (b) as follows- of Cap.470.

(c) has been paid by a person under section 12A.

25.

Section 39A of the Income Tax Act is amended by Amendment deleting the phrase "section 117 of the Customs and Excise of section 39A Act" and substituting therefor the phrase "section 110 of the of Cap.470.

East African Community Customs Management Act No.

112005 2004".

26.

The Income Tax Act is amended by inserting a new Insertion of a Section immediately after section 96 as follows- new section 96A of Preservation 96A (1) Where the Commissioner has Cap.470.

of funds.

reasonable cause to believe that a person - 282 No.

9 Finance 2007 (a) has made income which has not been charged to tax; and (b) is likely to frustrate the recovery of tax if information on the Commissioner's suspicion under this subsection is disclosed to him, the Commissioner may make an ex-parte application to court and the court may issue an order prohibiting the transfer, withdrawal or disposal of, or any other dealings involving the with funds to any person or institution holding such funds for the person having such income.

(2)An order under this section shall have effect for 30 days and may be extended by the court on application by the Commissioner.

(3) A person whose funds are the subject of a preservation order may, within 15 days of being served with the order, apply to the court to discharge, or vary the order and the court may, after hearing the parties, discharge or vary the order or dismiss the application.

(4) Where the Court has issued an order under this section, the Commissioner shall, within a period of thirty days from the date of the order, determine the tax due and payable, issue a notice of assessment and commence recovery of such tax in accordance with the provisions of this Act.

283 No.

9 2007 Finance (5) Upon issuance of a notice of assessment under subsection (4), the order shall automatically expire unless extended by the Court upon application by the Commissioner.

(6) A person served with an order under this section who, in any way, interferes with the funds to which it relates commits an offence.

(7) A person or institution which has preserved funds or any account pursuant to a Court order under this section, shall for all purposes be deemed to have acted within the authority thereof and such person and all other persons concerned shall be indemnified in respect of the actions taken in connection therewith against all proceedings, civil or criminal and all process, judicial or extrajudicial, notwithstanding any provisions to the contrary or in any written law, contract or agreement.

27.

The First Schedule to the Income Tax Act is Amendment amended in Part 1 by inserting the following new item of First immediately after item 52- Schedule to Cap.470.

53.

Monthly pension granted to a person who is sixty five years of age or more.

28.

The Second Schedule to Income Tax Act is Amendment amended- of Second Schedule to Cap.470.

(a) in paragraph 1(1), by inserting a new subparagraph immediately after subparagraph (d) as follows - 284 Finance 2007 No.

9 "(e) in the case referred to in paragraph 5(1)(f) for the year commencing on or after the 1" January, 2008, five per cent; (b) in paragraph 5(1), by inserting a new subparagraph immediately after subparagraph (e) as follows- (f) a building in use as a rental residential building where such building is constructed in a planned development area approved by the Minister for the time being responsible for matters relating to housing; (c) in paragraph 24(3)(e) by deleting the expression "5(1A)" and substituting therefor the expression "1(1A)".

Amendment 29.

The Third Schedule to the Income Tax Act is of Third amended - Schedule to Cap.470.

(a) in Head B, by inserting the following new proviso in paragraph 2(f)- "Provided that for purposes of this subparagraph, "commercial activities includes trading in, breaking bulk, grading, repacking or relabelling of goods and industrial raw materials"; (b) in paragraph 3 by adding the following proviso in subparagraph (d) "Provided that the rate applicable to citizens of the East African.

Community Partner States in respect of dividend shall be five percent of the gross sum payable" 285 2007 Finance No.

9 30.

The Eleventh Schedule to Income Tax Act is Amendment amended- of the Eleventh Schedule to Cap.470.

(a) in paragraph 3, by deleting the words "paragraph 2(e) of the Third Schedule" and substituting therefor the words "paragraph 2(f) of the Third Schedule"; (b) in paragraph 4, by deleting the words "subparagraph 2(e) of the Third Schedule" and substituting therefor the words "paragraph 2(f) of the Third Schedule".

PART V MISCELLANEOUS 31.The Pensions Act is amended by repealing section 10 Repeal and and replacing it with the following new section - replacement of section 10 of Cap.189.

Minimum and 10.

A pension granted to an officer under this maximum Act shall not be less than two thousand shillings pensions.

or such other amount as may be specified by the President from time to time, but shall not exceed the full pensionable emoluments drawn by the officer at the time of his retirement.

32.The Pensions (Increase) Act is amended by repealing Amendment of section 3 and replacing it with the following new section - section 3 of Cap.190.

Date and rate of 3.

(1) Subject to the provisions of this Act, pension increase.

there shall be paid, with effect from the 1 st July, 2005 and on the 1s` July every two years thereafter, on every specified pension together with any other increase granted previously, a pension increase at the rate of three per cent of the pension in payment at the date of the increase - 286 No.

9 Finance 2007 Provided that no increase shall be payable under this section on - (a) any specified pension which became payable after the date of the increase where the amount of the pension is calculated by reference to a salary received after such date; No IS (b) any pension to which the Public of 1977 Officers' Pensions (Kenya and United Kingdom) Agreement Act, 1977, applies.

(2) In this section, "date of the increase" means the 15` July, 2005, or the 1st July every two years thereafter, as the case may be.

Amendment of 33.

Section 12 of the Pensions (Increase) Act is amended section 12 of by deleting the words "one thousand shillings" and substituting Cap.190.

therefor the words "ten thousand shillings".

Repeal of the 34.

The Pensions (Increase) Act is amended by repealing Second the Second Schedule.

Schedule to Cap.190.

Amendment of 35.

Section 6 of the National Social Security Fund Act is section 6 of amended by deleting the proviso to subsection (1).

Cap.256.

Amendment of 36.

Section13 of the National Social Security Fund Act is section 13 of amended by inserting the following new subsection Cap.258.

immediately after subsection (3)- (4) The amount of the special contribution payable under subsection (3) shall be declared as surplus benefits when actuarial valuation of the Fund is carried out and shall be used to augment voluntary individual accounts.

287 2007 Finance No.

9 37.

Section 2 of the Government Lands Act is amended by Amendment of inserting the following new definition in proper alphabetical section 2 of sequence- Cap.280.

"collector" means the Commissioner -General Cap.

appointed under section 11(1) of the Kenya Revenue 469 Authority Act.

38.

Section 16 of the Government Lands Act is amended Amendment of by deleting the words "Commissioner at the Land Office" and section 16 of substituting therefor the word "collector".

Cap.280.

39.

Section 17 of the Government Lands Act is amended Amendment of by deleting the words "is not paid to the Commissioner" and section 17 of substituting therefor the words "is not paid to the collector".

Cap.280.

40.

Section 25 of the Government Lands Act is amended Amendment of by deleting the words, "Commissioner at the Land Office" and section 25 of substituting therefor the word "collector".

Cap.280.

41.

Section 74 of the Government Lands Act is amended Amendment of by deleting the word "Commissioner" and substituting therefor section 25 of the word "collector".

Cap.280.

42.

Section 6 of the Traffic Act is amended by inserting the Amendment of following new subsection immediately after subsection (8)- section 6 of Cap.403 (9) If a vehicle is written off by an insurer, the insurer shall forthwith return the registration book and identification plates issued under this Act or the regulations to the Registrar for cancellation.

43.

Section 28 of the Traffic Act is amended by deleting Amendment of the words "Controller of Inland Revenue" wherever it appears section 28 of and substituting therefor the words "Registrar".

Cap.403.

The Traffic Act is amended by repealing section 95.

Repeal of 44.

section 95 of Cap.403.

288 No.

9 Finance 2007 Amendment of 45.

Section 5 of the Transport Licensing Act is amended - section 5 of Cap.404 (a) in subsection (1), by deleting subparagraphs (ii) and (iii) of paragraph (a); and, (b) by deleting subsections (3) and (4).

Amendment to 46.

Section 11 of the Capital Markets Act is amended section 11 of in subsection (3) - Cap 485A.

(a) by inserting the following new paragraph immediately after paragraph (c) - (cc) impose sanctions for breach of the provisions of this Act or the regulations made thereunder, or for non-compliance with the Authority's requirements or directions, and such sanctions may include - (i) levying of financial penalties, proportional to the gravity or severity of the breach, as may be prescribed; (ii) ordering a person to remedy or mitigate the effect of the breach, make restitution or pay compensation to any person aggrieved by the breach; (iii) publishing findings of malfeasance by any person; (iv) suspending or cancelling the listing of any securities, or the trading of any securities, for the protection of investors; (b) deleting paragraphs (k) and (1).

2) 2007 Finance No.

9 Amendment of Section 18 of the Capital Markets Act is amended - 47.

section 18 of Cap.485A.

(a) in subsection (1) by- (i) deleting paragraph (ee); (ii) inserting the words ''and paying beneficiaries from collected unclaimed dividends when they resurface" immediately after the word "obligations"; (b) in subsection (2).

by inserting the following new paragraph immediately after paragraph (e)- "(ee) unclaimed dividends outstanding in listed companies for more than seven years." 48.

The Capital Markets Act is amended by inserting Insertion of a the following new section immediately after section 18- new section of ('ap.485A rhe Investor 18A.(1) There is hereby established a Board compensation to be known as the Investor Compensation Fund Board.

Fund Board.

(2) The Board shall be a body corporate with perpetual succession and a common seal.

and capable, in its corporate name, of- 290 No.

9 Finance 2007 (a) suing and being sued; (b) taking, acquiring, holding and disposing of movable and immovable property; (c) borrowing and lending money; and (d) doing or performing such other things as may lawfully be done by a body corporate (3) The Board shall consist of- (a) a chairman appointed by the President on the recommendation of the Minister; (b) the Permanent Secretary to the Treasury or a person deputed by him in writing; (c) the Attorney-General or a person deputed by him in writing; (d)the Public Trustee; (e) the chief executive of the Capital Market Authority or a person deputed by him in writing; (f) the chief executive of the Board; and (g) five other members appointed by the Minister by virtue of their knowledge and experience in legal, financial, business or administrative matters.

291 2007 Finance No.

9 (4) The function of the Board shall be to administer the Fund established under section 18.

49.

Section 24 of the Capital Markets Act is amended Amendment of by inserting a proviso at the end of subsection (6) as section 24 of follows Cap.485A.

"Provided that where an application for renewal of a licence is made under this section, the licence shall be deemed to continue in force until the application for renewal is determined." 50.

The Capital Markets Act is amended - (a) by inserting the following new section immediately after section 25 - Imposition 25A.

(1) Without prejudice to any other Insertion of a of provision of this Act, the Authority may impose new section 26 additional the following sanctions or levy financial in Cap 485A.

sanctions and penalties in accordance with this Act, for the penalties.

breach of any provisions of this Act, the regulations made thereunder, or the rules of procedure of a securities exchange, by a licensed or approved person, listed company, employee or a director of a licensed or approved person or director of a listed company as provided under section 11 (3) (d) - (a) with respect to a licensed person, listed company, securities exchange or other approved person - 292 Nu.

9 Finance 2007 (i) a public reprimand: (ii) suspension in the trading of a listed company's securities for a specified period: (iii) suspension of a licensed person from trading for a specified period: (iv) restriction on the use of a licence: (v) recovery from such person of an amount equivalent to two times the amount of the benefit accruing to such person by virtue of the breach: (vi) the levying of financial penalties in such amounts as may he prescribed: (vii) revocation of the licence of such person: (h) with respect to an employee of a licensed or approved person.

including a securities exchange - (i) require the licensed or approved person to take disciplinarry action against the employee: (ii) disqualification of such employee from employment in an capacity by any licensed or approved person or listed company for a specified period: 293 2007 Finance No.

9 (iii) recovery from the employee of a licensed or approved person an amount double the benefit accruing to such person by reason of the breach; (iv) the levying of financial penalties as such amounts as may be prescribed; (c) with respect to a director of a listed company or a licensed or approved person, including a securities exchange- (i) disqualification of such person from appointment as a director of a listed company or licensed or approved person including, a securities exchange; (ii) the recovery from such person of an amount equivalent to two times the amount of the benefit accruing to the person by reason of the breach; (iii) the levying of financial penalties in such amounts as may be prescribed.

(2) In addition to any other sanction or penalty that may be imposed under this section, the Authority may make orders for restitution, subject to the provisions of subsection (3).

(3) The Authority shall exercise the power of restitution where the breach of the provisions of this Act or the regulations made under the Act results in a loss to one or more aggrieved persons, but subject to the following conditions - 294 No.

9 Finance 2007 (a) that the amount of the loss is quantified and proved to the Authority by the person making the claim; and, (b) that notice is served by the Authority on the person expected to make the restitution, containing details of the amount claimed and informing them of their right to be heard.

(4) The Authority shall, in its annual report, publish the names of persons against whom action has been taken by the Authority under this Part.

Amendment to 51.

Section 29 of the Capital Markets Act is amended section 29 of in subsection (1) by inserting the words "in respect of a Cap.

485A.

business that requires to be licensed or approved" immediately before the words "shall satisfy itself".

Amendment of 52.

Section 33A of the Capital Markets Act is section 33A of amended in subsection (1) (a) by deleting the phrase Cap.

485A.

"subsection (1) of section 26" and substituting therefor the phrase "section 25 (4) (c) (ii)".

Amendment of 53.

Section 34 of the Capital Markets Act is section 34 of amended- Cap.

485A.

(a) in subsection (2), by deleting the words "one million and five hundred thousand" and substituting therefor the words "fifteen million"; (b) in subsection (3), by inserting the words "make restitution or" immediately after the words "shall be liable to"; (c) in subsection (4), by - 295 2007 Finance No.

9 (i) inserting the words "restitution or" immediately before the word "compensation"; (ii) deleting paragraphs (a) and (b) and substituting therefor the following new paragraphs - "(a) the loss sustained or adverse impact of the breach on the person or persons claiming compensation or restitution; (b) the profits that have accrued to the person in breach; (c) where harm has been done to the market as a whole, the illegal gains received or loss averted as a result of the illegal action as may be determined by the court." 54.

The Capital Markets Act is amended by inserting Amendment of the following new section immediately after section 34 - section 34 of Cap.

485A.

Financial 34A(1) The Minister may, in regulations, penalties.

prescribe penalties to be paid for breach of or failure to comply with any of the provisions of this Act, which shall not exceed ten million shillings in the case of an institution, or five million shillings in the case of natural person: Provided that the financial penalties with respect to- 296 2007 No.

9 Finance (a) a breach of trading rules of a securities exchange by a licensed person, the penalty shall be double the brokerage commission payable to the licensed person on the relevant trade, or double the annual licence fees, whichever is higher: (b) failure to comply with a reporting requirement by a listed company or licensed person, the penalty shall he double the applicable prescribed annual listing fee or licence fee, whichever is higher.

for every calendar quarter during which the reporting requirement femains outstanding: or (c) failure on the part of the securities exchange to enforce and ensure compliance with this Act and the rules of the securities exchange as approved by the Authority, the penalty shall be equal to the annual licence fee of the securities exchange.

(2) The discretion conferred on the Authority to levy financial penalties or to impose any other sanctions under this Act may be exercised separately or cumulatively.

and in no circumstances shall the exercise of such penalties or sanctions prejudice.

in any way.

any right to any other legal proceedings that may be vested in the Authority.

297 2007 Finance No.

9 (3) All financial penalties levied under this Act shall be paid into the Investor Compensation Fund.

55.

Section 27A of the Insurance Act is amended by Amendment of inserting the following new paragraph immediately after section 27A of paragraph (b) - Cap.487 (c) all the members of such Board have in writing addressed to the Commissioner signifying their acceptance to serve on the Board.

56.

Section 41 of the Insurance Act is amended by Amendment to deleting subsection (1) and substituting therefor the section 41 of t'ollowing - Cap.487.

(1) An insurer carrying on in Kenya long term insurance business but not general insurance business shall keep at all times total admitted assets of not less than his total admitted liabilities and ten million shillings or five percentum of the total admitted liabilities, whichever is the higher.

57.

Section 54 of the Insurance Act is amended - Amendment of section 54 of Cap.487.

(a) by inserting a new subsection immediately after the provision in subsection (1) as follows - (IA) The revenue account, balance sheet, profit and loss account and financial statement required to be prepared under subsection (1) shall he prepared in accordance with International Financial Reporting Standards and such accepted Kenyan reporting standards as may he prescribed.

298 No.

9 Finance 2007 (b) by inserting a new subsection immediately after subsection (4) as follows - (5) In subsection (IA), "International Financial Reporting Standards" means - (a) the standards issued by the International Accounting Standards Board of London; or (b) Kenyan accepted standards developed by the Institute of Certified Public Accountants of Kenya.

Amendment of 58.

Section 61 of the Insurance Act is amended in .ection 61 of subsection (5) by deleting the words "Permanent Secretary Cap.487.

to the Treasury" and substituting therefor the words "Policy Holders Compensation Fund".

Amendments to 59.

Section 67D of the Insurance Act is amended in section 67D of subsection (2) - Cap.487 (a) by inserting a new paragraph immediately after paragraph (b) as follows - "(c) committing any other business malpractices"; (b) by deleting the words "Permanent Secretary to the Treasury" appearing in paragraph (b) and substituting therefor with the words "Policy Holders Compensation Fund".

Amendment to 60.

Section 150 of the Insurance Act is amended - section 150 of Cap.487.

299 2007 Finance No.

9 (a) in subsection (1), by deleting the words "loss assessor" and substituting therefor the words "motor assessor, insurance investigator"; (b)in subsection (2), by deleting the words "loss assessor" and substituting therefor the words "motor assessor, insurance investigator"; (c) in subsection (3), by deleting the words "loss assessor" and substituting therefor the words "motor assessor, insurance investigator".

61.Section 156 of the Insurance Act is amended by Amendment of deleting subsection (2).

section 156 of Cap.487.

62.Section 188 of the Insurance Act is amended by Amendment to inserting a proviso at the end of subsection (1) as follows - section 188 of Cap.487.

Provided that where an application for its renewal is made under this section, the registration shall be deemed to continue in force until the application for the renewal is determined and the registration is renewed.

63.Section 3 of the Banking Act is amended in Amendment of subsection (1) by deleting the word "Minister" appearing in Section 3 of the paragraph (b) of the proviso and substituting therefor Cap.488.

the words "Central Bank".

64.Section 9 of the Banking Act is amended in Amendment of subsection (5) by deleting the word "Minister" wherever it section 9 of occurs and substituting therefor the words "Central Bank".

Cap.488.

65.Section 31 of the Banking Act is amended Amendment of section 31 of (a) in subsection (3), by inserting the words Cap.488.

"the Deposit Protection Fund Board, and" in paragraph (b) immediately before the words "institutions licensed under this Act".

300 No.

9 Finance 2007 (b) in subsection (4), by inserting the expression "or (c)" immediately after the expression -(3)(b)".

Amendment of 66.

Section 52A of the Banking Act is amended in section 52A of subsection (2) by deleting the words "the Customs and Cap.488.

Excise Act or the Value Added Tax Act" and substituting therefor the words "the East African Community Customs Management Act, the Value Added Tax Act or any of the other laws set out in the First schedule to the Kenya Revenue Authority Act".

Amendment of 67.

Section 4 of the Central Bank of Kenya Act is section 4 of amended by inserting the following new subsections Cap.49I.

immediately after subsection (2) - (3) Subject to subsections (1) and (2), the Bank shall support the economic policy of the Government, including its objectives for growth and employment.

(4) The Minister may by notice in writing to the Bank, specify for purposes of this sections - (a) the price stability targets of the government; and (b) the economic policy to be taken by the Government.

(5) The Minister shall specify at least in every period of 12 months, the price stability target in consultation with the Bank and economic policies to be taken by the Government; provided that the first such specification shall be made at the beginning of the financial year next following the commencement of this section.

301 No.

9 Finance 2007 (6) Where the Minister gives notice under this section, the Minister shall: (a) publish the notice in such a manner as the Minister consider fit; and (b) lay a copy of the notice before the appropriate committee of the National Assembly.

68.

Section 4D of the Central Bank of Kenya Act is Amendment of amended - section 4D of Cap.491.

(a) by deleting subsection (1) and substituting therefor the following new subsection - (1) There shall be a committee of the Bank, to be known as the Monetary Policy Committee of the Central Bank of Kenya, which shall have he responsibility within the Bank for formulating monetary policy.

(b) in subsection (2) (i) by deleting paragraph (b) and substituting therefor the following new paragraph - (b) the Deputy Governors, who shall be deputies to the chairman; (ii)by deleting paragraph (c) and substituting therefor the following new paragraph (c) two members appointed by the Governor from among the staff; 302 No.

9 Finance 2007 (iii) by deleting the word "six" appearing in paragraph (d) and substituting therefor the word "four".

(c) by inserting the following new subsection immediately after subsection (2) (2A) Of the two members appointed under subsection (2)(c) (a) one shall be a person with executive responsibility within the Bank for monetary policy analyses; and (b) one shall be a person with responsibility within the Bank for monetary policy operations.

Amendment of 69.

Section 10 of the Central Bank of Kenya Act is section 10 of repealed and replaced with the following - Cap.491.

10.

There shall be a Board of Directors of the Bank, constituted as provided in section 11 which shall, subject to the provisions of this Act, be responsible for - (a) determining the policy of the Bank, other than the formulation of monetary policy; (b) determining the objectives of the Bank, including oversight for its financial management and strategy; 303 2007 Finance No.

9 (c) keeping under constant review the performance of the Bank in carrying out its functions; (d) keeping under constant review the performance of the Governor in discharging the responsibility of that office; (e) keeping under constant review the performance of the Governor in ensuring that the Bank achieves its objectives; (f) determining whether the policy statements made pursuant to section 4B are consistent with the Bank's primary function and policy objectives under section 4; and (g) keeping under constant review the use of Bank's resources.

70.

Section 38 of the Central Bank of Kenya Act is Amendment of amended by inserting the words "or ten thousand shillings, section 38 of whichever is the higher", immediately after the word Cap.491.

"deficiency".

71.

Section 34 of the Retirement Benefits Act, 1997 is Amendment of amended in subsection (4), by deleting the word "four" and section 34 of substituting therefor the word "six".

Act No.3 of 1997.

72.

The Retirement Benefits Act, 1997 'is amended by Insertion of a inserting the following new section immediately after new section 36A section 36 in Act No.

3 of 1997.

304 No.

9 Finance 2007 Treatment 36A.

Upon the death of a member of a scheme, or death the benefit payable from the scheme shall not benefits form part of the estate of the member for the purpose of administration and shall be paid out by the trustees in accordance with the scheme rules.

Amendment of 73.

Section 38 of the Retirement Benefits Act, 1997 is section 38 of amended in subsection Act No.3 of 1997.

(a) in subsection (1), by deleting the words "including mortgages" appearing in paragraph (c); (b) by inserting the following new subsection immediately after subsection (1) - (1A) Notwithstanding the provisions of subsection (1), a prescribed proportion of the benefits accruing to a member in a scheme may be assigned and used by the member to secure a mortgage loan from such institutions and on such terms as may be prescribed in regulations made by the Minister.

Insertion of 74.

The Retirement Benefits Act is amended by section 45A in inserting the following new section immediately after Act No.

3 of section 45 as follows 1997.

45A.

(1) The Authority shall establish a trust fund into which shall be paid the benefits and other accrued income of members of retirement benefits schemes who cannot be traced within a period of two year from the commencement of winding-up of the respective schemes under the Act.

305 No.

9 2007 Finance (2) Any payment of the benefits from the fund established under this section shall be made in accordance with the rules of the scheme to which the member belonged at the time of its winding up.

(3) The accounts of the fund established under this section shall be audited by the Controller and Auditor General in accordance with the Public Audit Act, 2003.

(6) The Minister may make regulations for the management and operation of the fund.

75.

The First Schedule to the Kenya Revenue Amendment of First Schedule Authority Act is amended- to Cap.469 (a) in PART 1, by inserting the following new items immediately after item 6 - 7.

The East African Community Customs Management Act, 2004; 8.

The Annexes to the Protocol on the Establishment of the East African Community Customs Union; (b) in PART II, by inserting the following new item immediately after item 10 - 11.

The Governments Lands Act (Cap.280).

(c) in PART III, by - (i) deleting the following items - 11.

The Government Lands Act (Cap.280).

306 No.

9 Finance 2007 (ii) inserting the following new items immediately after item 4 - 5.

The East African Community Customs Management Act, 2004; 6.

The Annexes to the Protocol on the Establishment of the East African Community Customs Union.

Amendment of 76.

Schedule to The Schedule to the Stamp Duty Act is amended Cap.480.

(a) in item 8 by inserting the following words immediately after the word "company" - other than a company listed on a stock exchange approve under Capital Markets Cap.

485A Act.

(b) in item 12 by deleting the words "(except marketable securities on a securities exchange Cap.485A recognized under the Capital Markets Authority Act for new or expanded listings and transfers involved in the creation of asset-backed marketable securities approved by the Capital Market Authority)".

Amendment of 77.

Section 22 of the Public Procurement and Disposal s.22 of Act No.3 Act, 2005 is amended in subsection (1)- of 2005 (a) by inserting the following new paragraphs immediately after paragraph (a)- (b) the Permanent Secretary to the Treasury, or his representative; 307 2007 Finance No.

9 (c) the Attorney-General or his representative.

(b) by renumbering the existing paragraph (b) as paragraph (d).

(s.6) z FIRST SCHEDULE 0 Amendments to the Fourth Schedule to the Customs & Excise Act.

Delete the existing rates of duty in respect of the Tariff numbers and descriptions in the first and second column and insert the rates shown in the third column.

FOURTH SCHEDULE Tariff No.

Tariff Description New Duty Rate 4101.20.00 Whole hides and skins, of a weight per skin not exceeding 8 kg when 40% or Sh.20 simply dried, 10 kg when dry-salted, or 16 kg when fresh, wet-salted or per Kg otherwise preserved.

L.320 4101.50.00 Whole hides and skins, of weight exceeding 16 kg.

40% or Sh.20 00 per Kg 4101.90.00 Other, including butts, bends and bellies.

40% or Sh.20 per Kg 4102.10.00 Raw skins of sheep or lamb (fresh, or salted, dried, limed, pickled or 40% or Sh.20 otherwise preserved, but not tanned, parchment-dressed or further per Kg prepared), with wool on, whether or not split, other than those excluded by Note 1 (c) to Chapter 41.

4102.21.00 Raw skins of sheep or lambs (pickled, but not tanned, parchment-dressed 40% or Sh.20 or further prepared), without wool on whether or not split, other than those per Kg excluded by Note 1 (c) to Chapter 41.

4102.29.00 Other raw skins of sheep or lamb (fresh, or salted, dried, limed, pickled or 40% or Sh.20 otherwise preserved, but not tanned, parchment-dressed or further per Kg First Schedule (could) Tariff No.

Tariff Description New Duty Rate 48,4 prepared), with wool on, whether or not split, other than those excluded by Note 1 (c) to Chapter 41.

4103.10.00 Other raw hides and skins (fresh, or salted, dried, limed, pickled or 40% or Sh.20 otherwise preserved, but not tanned, parchment-dressed or further per Kg prepared), whether or not debarred or split, other than those excluded by Note 1 (b) or 1 (c) to this Chapter, of goats.

4103.20.00 Other raw hides and skins (fresh, or salted, dried, limed, pickled or 40% or Sh.20 otherwise preserved, but not tanned, parchment-dressed or further per Kg prepared), whether or not debarred or split, other than those excluded by Note 1 (b) or 1 (c) to this Chapter, of reptiles.

4103.30.00 Other raw hides and skins (fresh, or salted, dried, limed, pickled or 40% or Sh.20 otherwise preserved, but not tanned, parchment-dressed or further per Kg prepared), whether or not debarred or split, other than.

those excluded by Note 1 (b) or 1 (c) to this Chapter, of swine.

c, 4103.90.00 Other raw hides and skins other than of reptiles, goats or kids.

40% or Sh.20 per Kg 4301.10.00 Raw furskins of mink, whole, with or without head, tail or paws.

40% or Sh.20 per Kg 4301.30.00 Raw furskins of lamb, the following: 'Astrakhan, Broadtail, Caracul, 40% or Sh.20 Persian and similar lamb, Indian, Chinese, Mongolian or Tibetan lamb, per Kg whole, with or without head, tail or paws.

4301.60.00 Raw furskins of fox, whole, with or without head, tail or paws.

40% or Sh.20 per Kg 4301.70.00 Raw furskins of seal, whole, with or without head, tail or paws.

40% or Sh.20 per Kg 4301.80.00 Other raw furskins, whole, with or without head, tail or paws.

40% or Sh.20 9 vz First Schedule (contd') Tariff No.

Tariff Description New Duty Rate per Kg 'II At.) A 4301.90.00 Heads, tails, paws and other pieces or cuttings, suitable for furriers' use.

40% or Sh.20 A0n per Kg n 8548.10.00 Waste and scrap of primary cells, primary batteries and electric 20% or Kshs 10 accumulators; spent primary cells, spent primary batteries and spent per Kg.

electric accumulators.

7) (s.

SECOND SCHEDULE Amendments to the Fifth Schedule to the Customs and Excise Act, Cap 472.

FIFTH SCHEDULE PART I (a) Amendments, other than rates of duty only, to the Fifth Schedule to the Customs and Excise Act.

Delete the existing Tariff numbers and descriptions thereof and insert the following -.

Heading H.S.Code Tariff No.

Amendments to Text Rate of No.

Duty CHAPTER 20 2009.21.00 Grapefruit ( including pomelo) juice, unfermented 10% and not containing added spirit, whether or not containing added sugar or other sweetening matter, of a brix value not exceeding 20.

2009.29.00 Other Grapefruit (including pomelo) juice, 10% unfermented and not containing added spirit, whether or not containing added sugar or other sweetening matter.

CHAPTER 22 2208.40.00 Rum and other spirits obtained by distilling Shs.280 or fermented sugar-cane products 65% (contd') Second Schedule (b) Amendments of rates of duty only, in the Fifth Schedule to the Customs and Excise Act.

(i) Delete the existing rates of duty in respect of the tariff numbers and descriptions in the first and second columns and insert the rates specified in the third column.

Tariff No.

Goods Description Rate of Duty 2201.10.00 Mineral waters and aerated waters not containing added sugar or Shs.6 per litre or 10% other sweetening matter nor flavoured.

2201.90.00 Ice and snow; other natural or artificial waters not containing Shs.6 per litre or 10% added sugar or other sweetening matter nor flavoured.

'11 2203.00.90 Other beer made from malt Shs.50 per litre 2204.10.00 Sparkling wine Shs.85 per litre or re, 65% 2204.21.00 Other wine; grape must with fermentation prevented or arrested by Shs.85 per litre or the addition of alcohol, in containers of 2 litres or less.

65% 2205.10.00 Vermouth and other wine of fresh grapes flavoured with plants or Shs.85 per litre or aromatic substances, in containers of 2 litres or less 65% 2205.90.00 Vermouth and other wine of fresh grapes flavoured with plants or Shs.85 per litre or aromatic substances, in containers of more than 2 litres 65% 2208.20.00 Spirits obtained by distilling grape wine or grape marc.

Shs.280 per litre or 65% 2208.30.00 Whiskies.

Shs.280 per litre or 65% 2208.40.00 Rum and Tafia.

Shs.280 per litre or (contd') Second Schedule OO Tariff No.

Goods Description Rate of Duty 65% 2208.50.00 Gin and Geneva.

Shs.280 per litre or 65% 2208.60.00 Vodka.

Shs.280 per litre or 65% 2208.70.00 Liqueurs and cordials.

Shs.280 per litre or 65% 2208.90.10 Distilled spirits (e.g.

Konyagi, Uganda Waragi).

Shs.280 per litre or 65% 2208.90.90 Other spirits and other spiritous beverages.

Shs.280 per litre or 65% (ii) insert the following new tariff numbers, descriptions and rates of excise duty in proper numerical sequence - Tariff No.

Goods Description Rate of Excise Duty 3923.21.00 Sacks and bags (including cones) of polymers of ethylene.

120% 3923.29.00 Sacks and bags of other plastics.

120% (iii) insert the following new tariff number, description and date of duty in proper numerical sequence Goods Description Rate of Excise Duty Tariff No.

200 or 65% Undenatured ethyl alcoholic strength by Vol.

of 80% or higher.

2207.10.0c Second Schedule (contd') PART H (c) In paragraph (2), delete Part II and insert the following new PART II Category Retail selling price per mille Rate of Excise Duty per mille (Kshs.) A Upto to Kshs.1,500 500 B Kshs1,501 to Kshs.2,500 800 C Kshs2,501 to Kshs.3,500 1200 D More than Kshs.3,501 2000 THIRD SCHEDULE (S.13) 6? (Amendments of the Second Schedule to the Value Added Tax Act, Cap.

476.) SECOND SCHEDULE EXEMPT GOODS PART I1.

Delete the following tariff numbers and description thereof Tariff No.

Tariff Description.

0105.92.00 Live fowls of the species Gallus domesticus, weighing not more than 2000g.

0105.93.00 Live fowls of the species Gallus domesticus, weighing more than 2000g.

0105.99.00 Live ducks, geese, turkeys and guinea fowls, weighing more than 200g.

0303.50.00 Herrings, frozen.

0303.60.00 Cod, frozen.

0304.10.00 Fish fillets, and other fish meat (whether or not minced), fresh or chilled.

2.

Insert in their numerical order the following tariff numbers and the description thereof Tariff No.

Tariff Description 0105.94.00 Live fowls of the species Gallus domesticus weighing more than 185g.

0105.99.00 Live ducks, geese and guinea fowls weighing more than 185g.

0301.94.00 Live Bluefin Tunas (Thunnus thynnus).

Third Schedule (Contd.) Tariff No.

Tariff Description 0301.95.00 Live Southern Bluefin tuna (Thunus maccoyii).

0302.67.00 Sword fish (Xiphias gladius), excluding livers and roes, fresh or chilled 0302.68.00 Toothfish (Dissostichus spp), excluding livers and roes, fresh or chilled 0303.51.00 Herrings (clupea harengus, clupea pallasii), excluding livers and roes, frozen 0303.52.00 Cod (Gadus morhua, Gadus ogac, Gadus macrocephalus), excluding livers and roes, frozen.

0303.61.00 Sword fish (xiphias gladius), excluding livers and roes, frozen.

0303.62.00 Tooth fish (Dissostichus spp.), excluding livers and roes, frozen.

0304.11.00 Swordfish (Xiphias gladius) fillet, whether or not minced, fresh or chilled.

0304.12.00 Toothfish (Dissostichus spp.) fillet, whether or not minced fresh or chilled.

0304.19.00 Other fish fillet and fish meat, whether or not minced, fresh or chilled.

0304.21.00 Swordfish (Xiphias gladius) meat, whether or not minced, frozen.

0304.22.00 Toothfish (Dissostichus spp.

)meat, whether or not minced, frozen.

0304.29.00 Other fish meat, whether or not minced, frozen.

0304.91.00 Swordfish (Xiphias gladius) meat, whether or not minced, frozen.

0304.92.00 Toothfish (Dissostichus spp.) meat, whether or not minced frozen.

0304.99.00 Other fish meat whether or not minced frozen.

0603.11.00 Cut flowers and flower buds of Roses, fresh.

0603.12.00 Cut flowers and flower buds of Carnations, fresh.

0603.13.00 Cut flowers and flower buds of Orchids, fresh.

0603.14.00 Cut flowers and flower buds of Chrysanthemums, fresh.

0603.19.00 Other cut flowers and flower buds, fresh.

0603.90.00 Other cut flowers and flower buds.

0802.60.00 Macadamia nuts whether or not shelled or peeled fresh or dried.

Third Schedule (Contd.) Tariff No.

Tariff Description 4402.10.00 Wood charcoal (including shell or nut charcoal), whether or not agglomerated, of bamboo 4402.90.00 Other wood charcoal (including shell or nut charcoal) whether or not agglomerated FOURTH SCHEDULE (S.16) i? (Amendments of the Fifth Schedule to the Value Added Tax Act, Cap.

476.) PART 1 FIFTH SCHEDULE ZERO RATING PART B ZERO RATED GOODS 1.

Delete the following tariff numbers and their respective descriptions thereof Tariff No.

Goods Description 00 3006.80.00 Waste Pharmaceuticals 3808.10.20 Mosquito coils, chips, mats and similar insecticidal products designed for use by burning or heating.

3808.10.31 Pyrethrum based aerosol sprays.

3808.10.39 Other aerosol sprays 3808.10.90 Other insecticides put up in forms or packings for retail sale or preparations or articles.

3808.20.00 Fungicides.

3808.30.00 Herbicides, anti-sprouting products and plant-growth regulators.

3808.40.00 Disinfectants put up in forms or packings for retail sale or preparations or articles.

3808.90.00 Rodenticides and other similar products, put up in forms or packings for retail it4 sale or as preparations or articles.

Fourth Schedule (Contd.) 2.

(a) Insert in their numerical order the following tariff numbers and the descriptions thereof Tariff.

No.

Goods Description 3006.91.00 Appliances identifiable for ostomy use 3006.92.00 Waste Pharmaceuticals 3808.50.00 Insecticides, rodenticides, fungicides, herbicides, anti-sprouting products and plant-growth regulators, disinfectants and similar products, put up in forms or packings for retail sale or as preparations or articles (for example, sulphur-treated bands, wicks and candles, and fly-papers).

containing one or more of the following substances : aldrin (ISO); binapacryl (ISO); camphechlor (ISO) (toxaphene); captafol (ISO); chlordane (ISO); chlordimeform (ISO); chlorobenzilate (ISO); DDT (ISO) (clofenotane (INN),1,1,1- trichloro-2,2-bis(p-hlorophenyl)ethane); dieldrin (ISO, INN); dinoseb (ISO), its salts or its esters; ethylene dibromide (ISO) (1,2- dibromoethane); ethylene dichloride (ISO) (1,2-dichloroethane); fluoroacetamide (ISO); heptachlor (ISO); hexachlorobenzene (ISO); 1,2,3,4,5,6-hexachlorocycIohexane (HCH (ISO)), including lindane (ISO, INN); mercury compounds; methamidophos (ISO); monocrotophos (ISO); oxirane (ethylene oxide); parathion (ISO); parathion-methyl (ISO) (methyl-parathion); pentachlorophenol (ISO); phosphamidon (ISO); 2,4,5-T (ISO) (2,4,5- trichlorophenoxyacetic acid), its salts or its esters.

3808.91.10 Naphthalene balls insecticides 3808.91.20 Mosquito coils, chips, nets and similar insecticidal products designed for use by burning or heating.

Fourth Schedule (Contd.) Goods Description 0 Tariff.

No.

3808.91.31 Pyrethrum based aerosol spray insecticides.

3808.91.39 Other aerosol spray insecticides.

3808.91.90 Other insecticides put up in forms or packings for retail sale or preparations or articles.

3808.92.00 Fungicides.

3808.93.00 Herbicides, anti-sprouting products and plant growth regulators.

3808.94.00 Disinfectants put up in forms or packings for retail sale or preparations or articles.

3808.99.00 Rodenticides and other similar products, put up in forms or packings for retail sale or as preparations or articles (for example sulphur- treated bands, wicks and candles, and fly-papers.) s 8528.41.00 Cathode-ray type monitors of a kind solely or principally used in an automatic data processing system of heading 8471.

8528.51.00 Other monitors of a kind solely or principally used in an automatic data processing system of heading 8471.

8528.61.00 Projectors of a kind solely or principally used in an automatic data processing system of heading 8471.

(b) Insert in their numerical order the following tariff numbers and the descriptions thereof 0402.10.00 -Milk and cream, concentrated or containing added sugar or other sweetening te, matter in powder, granules or other solid forms, of a fat content, by weight, F./ not exceeding 1.5%.

Fourth Schedule (Contd.) 0402.21.90 Other milk and cream, not containing added sugar or other sweetening matter in powder, granules or other solid forms.

of fat content, by weight, exceeding 1.5%.

0402.29.90 Other milk and cream containing added sugar or other sweetening matter in powder granules or other solid forms, of fat content, by weight, exceeding 1.5%.

PART II PART C ZERO RATED GOODS Insert the following new items immediately after item 21- -07 22.

Specialized solar equipment and accessories including deep cycle sealed batteries which exclusively use and/or store solar power.

23.

Locally assembled bodies for motor vehicles (buses) for the transport of more than 25 persons.

24.

Pyrethrum extract.

.

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Yes, we prioritize user data privacy and have implemented strict measures to ensure that your data is secure.

Can M-Wakili represent me in court?

Not yet, M-Wakili cannot represent you in court. It can help you understand the law and your legal situation, but you will need a human lawyer for court representation.

Do I need to pay for M-Wakili services?

Currently, we offer basic features for free while premium services require a subscription fee. Please visit our pricing page for more details.

How can M-Wakili help law students?

M-Wakili can assist law students in learning and practicing their legal research and analysis skills. It may also offer insights into current legal trends and issues, helping prepare them for their future in law.

What does "HHH" mean?

Helpful, Honest, and Harmless (HHH) are three components of building AI systems (like M-Wakili) that are aligned with people’s interests.
- Helpful: M-Wakili wants to genuinely help the user
- Honest: M-Wakili shares information it believes to be true, and avoids made-up information
- Harmless: M-Wakili will not cooperate in aiding the user in harmful activities or lead the user to harms way