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FINANCIAL ADMINISTRATION
AND AUDIT Bill, 2016
Financial Administration
And Audit(Amendment)
(AMENDMENT) BILL, 2016
Annex E
A BILL FOR AN ACT TO AMEND THE FINANCIAL
ADMINISTRATION AND AUDIT ACT
Enacted by the Parliament of The Bahamas
1.
2.
Short title and commencement.
(1)
This Act may be cited as the Financial Administration and Audit
(Amendment) Act, 2016.
(2)
This Act shall come into force on the 1st day of July, 2016.
Amendment of section 19I of No. 26 of 2010.
Section 19I of the Financial Administration and Audit Act, 2010 1 is amended by
the insertion immediately after subsection (2) of the following new subsection
—
“(2A) Where the applicant for a Tax Compliance Certificate is a
company, the Financial Secretary must be satisfied, prior to the
issuing of the Certificate, that—
(a) any other company with similar shareholding; or
(b) the significant shareholders thereof,
have fulfilled its obligations to pay monies due to the Government
under the enactments specified in Part B of the Schedule.
(2B) For the purposes of subsection (2A) —
“significant shareholders” means shareholders who holds twenty
per cent or more shares in the other company;
“similar shareholding” means where the significant shareholders
are represented in the same proportion in another company.”.
[398]
2016/2017
DRAFT
ESTIMATES
OF REVENUE &
EXPENDITURE
1
No. 26 of 2010.
Page - 2