Duties, Taxes and Other Payments (Exemption) Act, 2023-14
The Duties, Taxes and Other Payments (Exemption) Act, 2023-14, which came into force on 2 August 2023, provides a statutory framework for the granting of exemptions, remissions, or refunds in respect of duties, taxes, and other imposts. The Minister of Finance may, by order, exempt a person from the payment of any duty or tax, or authorise a remission or refund, where the amount involved does not exceed BBD $100,000. Where the sum exceeds this threshold, Cabinet approval is required before the order can be made. All exemption orders are subject to the Public Finance Management Act, 2019-1, and may include conditions, have retrospective effect, and are subject to negative resolution in Parliament.
The power to grant exemptions under the Act may only be exercised where it is in the public interest, or where it is necessary to alleviate hardship or prevent injustice. Where an exemption is granted subject to conditions and those conditions are not met, the exempted amounts become repayable. The Act also allows for the administrative refund of overpaid taxes or duties without the need for an exemption order.
The previous Duties, Taxes and other Payments (Exemption) Act, Cap. 67B has been repealed.
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