Clause 2
Repeal and re-enactment of section 16
of Goods and Services Tax (Amendment) Bill
BillNot in forceProvision 2 of 13
Clause 2
Section 16 of the Goods and Services Tax Act (referred to in this Act as the principal Act) is repealed and the following section substituted therefor:“Rate of tax
16. Tax shall be charged at the rate of —
(a)
4% for the period from 1st January 2003 to 31st December 2003 (both dates inclusive);
(b)
5% for the period from 1st January 2004 to 30th June 2007 (both dates inclusive); and
(c)
7% from and including 1st July 2007,and shall be charged on —
(i)
the supply of goods or services, by reference to the value of the supply as determined under this Act; and
(ii)
the importation of goods, by reference to the value of the goods as determined under this Act.”.