MOF-BUDGET Jun. 2016 | Page 388

ITEM NO.

DESCRIPTION

EXISTING RATE

PROPOSED RATE

ENABLING LEGISLATION

AGENCY RESPONSIBLE

COMMENTS

Annex D

82 Charge a higher processing fee for the late submission of the manifest and the loading list.

$ 75.00 for the manifest

$ 75.00 if the manifest is submitted to Customs at least 12 hours prior to the arrival of the ship or 2 hours prior to the arrival of cargo aircraft. If delivered less than 12 hours prior to the arrival of the ship or 2 hours prior to the arrival of a cargo aircraft a fee of $ 2,500

Customs Management Act / Regulations

Customs Department

This should encourage the early submission of the manifest which would allow for better scrutiny of the manifest and therefore reduce errors and fraud

83 Adjustments to the Customs Management Act

Customs Management Act / Regulations

Customs Department

84 Make Electronic Submission of Customs Entries mandatory by 1st July 2016

90 % of all entries are now electronic

100 % after 1st July 2016

Customs Management Act / Regulations

Customs Department

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2016 / 2017 DRAFT ESTIMATES OF REVENUE & EXPENDITURE

85 Adjust the requirement of the Tax Compliance Certificate to cover major shareholders with over 20 % of the shares as well as companies with similar shareholders.

86 Allow for Real Property Tax concessions granted to residential properties last Budget to be extended to commercial properties with the exception of properties which are now subject to collection.

Financial Administration and Audit Act

Real Property Tax Act

Department of Inland Revenue

Department of Inland Revenue

87 Allow the Treasurer to accept property in exchange of outstanding Real Property Taxes on application.

Real Property Tax Act

Department of Inland Revenue

88 Increase the enforcement provisions under the Excise Stamp( Tobacco Products) Control Act to allow for compounding and for Customs Officers to better monitor tobacco manufacturing.

Excise Stamp( Tobacco Products) Control Act

Department of Inland Revenue