FINANCE (NO. 2) BILL, 2018

MEMORANDUM

This Bill will amend the Finance Act [Chapter 23:04], and the Income Tax Act [Chapter 23:06], to give effect to the new rate of intermediated money transfer tax provisionally enacted (subject to endorsement by the Parliament) by Statutory Instrument 205 of 2018 pursuant to section 3(2) of the Finance Act [Chapter 24:04].  In more detail, the individual clauses of the Bill provide as follows:

Clause 1
This clause sets out the Bill's short title.

Clauses 2 and 3
The Finance Act, 2002, introduced a tax on transfers of money between persons mediated by financial institutions otherwise than by cheque.

These clauses will increase the rate of intermediated money transfer tax (transfers of money between persons mediated by financial institutions otherwise than by cheque) while also defining the scope of exemptions from the tax.