Statutory Instrument 120 of 2022.

Statutory Instrument 120 of 2022

Finance (Amendment of Section 22H of Finance Act) Regulations, 2022

IT is hereby notified that the Minister of Finance and Economic Development has, in terms of section 3 of the Finance Act [Chapter 23:04], made the following regulations:—

Title

1. These regulations may be cited as the Finance (Amendment of Section 22H of Finance Act) Regulations, 2022.

Amendment of section 22H of Cap. 23:04

2. With effect from 24th June, 2022, section 22H (“NOCZIM

Debt Redemption and Strategic Reserve Levy”)(1) of the Finance

Act [Chapter 23:04] is amended by the repeal of paragraph (c) and

the substitution of—

“(c) in relation to the strategic reserve levy, where diesel

or petrol is purchased or imported through the use of

“free funds” (as defi ned in section 2 of the Exchange

Control Regulations, 1996, published in Statutory

Instrument 109 of 1996), by—

(i) NOCZIM or its subsidiaries or successors; or

(ii) any person licensed by the Minister responsible

for energy to import the petroleum product in

bulk;

shall be calculated at the rate of zero comma zero (0,000)