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Income Tax Act 2007 - Income Tax (Amendment) Regulations 2014

TONGA

INCOME TAX (AMENDMENT) REGULATIONS 2014

Arrangement of Sections
Regulation

1 Short title and commencement
2 Regulation 2 amended
3 New regulations 23, 24 and 25 inserted
4 Schedule amended

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INCOME TAX (AMENDMENT) REGULATIONS 2014

INCOME TAX ACT 2007

IN EXERCISE of the powers conferred by section 93 of the Income Tax Act 2007, the Minister of Revenue and Customs, with the consent of Cabinet, makes the following regulations -

1 Short title and commencement

(1) 'These Regulations may be cited as the Income Tax (Amendment) Regulations 2014.

(2) These Regulations shall come into force on the same day as the Income Tax (Amendment) (No. 2) Act 2013 comes into force.

(3) In these Regulations, the Income Tax Regulations 2008 as amended, shall be referred to as the Principal Regulations.

2 Regulation 2 amended

Regulation 2 of the Principal Regulations is amended by inserting the following definition in the correct alphabetical order –

""small business tax" means the small business tax imposed under section 8 of the Act;".

3 New regulations 23, 24 and 25 inserted

The Principal Regulations is amended by inserting he following new regulations 23, 24 and 25 after regulation 22 –

"23 Applications under section 8 of the Act

(1) An application under subsection 8(5) of the Act for section 5 of the Act to apply to the applicant for a fiscal year shall be lodged with the Chief Executive Officer by 31 March preceding the commencement of the fiscal year or within such further time as the Chief Executive Officer may allow.

(2) If an application under subsection 8(5) of the Act for a fiscal year by a person is not lodged within the time specified in sub-regulation (1) including any extension of time allowed under sub-regulation (1), the person is subject to section 8 of the Act for the year.

(3) An application under subsection 8(7) of the Act for section 8 of the Act to apply to the applicant for a fiscal year shall be lodged with the Chief Executive Officer by 31 March preceding the commencement of the fiscal year or within such further time as the Chief Executive Officer may allow.

(4) If an application under subsection 8(7) of the Act for a fiscal year made by a person is not lodged within the time specified in sub-regulation (3) including any extension of time allowed under sub-regulation (3), the person is subject to section 5 of the Act for the year.

24 Small business tax forms

(1) For the purposes of section 8 of the Act a small business tax return to be lodged under section 68(2) of the Act shall be in Form 12 in the Schedule and lodged in the manner prescribed in regulations 23 and 24 of the Revenue Services Administration Regulations 2003.

(2) The small business tax refund form required to be lodged with the Chief Executive Officer under section 92(1) shall be in Form 13 in the Schedule.

(3) The application for the normal income tax to apply and not the small business tax form required to be lodged with the Chief Executive Officer under section 8(5) shall be in Form 14 in the Schedule.

(4) The application for the small business tax to apply to an individual who has previously been granted approval for the normal income tax to apply form required to be lodged with the Chief Executive Officer under section 8(7) shall be in Form 15 in the Schedule.

25 Record-keeping

(1) A taxpayer subject to tax under section 8 of the Act shall keep only the following records –

(a) a cash book recording daily sales, including credit sales; and

(b) if the taxpayer employs employees, a salary and wages register.

(2) Sub-regulation (1) applies despite anything in regulation 9 of the Revenue Services Administration Regulations.".

4 Schedule amended

The Principal Regulations are amended by inserting the following new forms 12, 13, 14 and 15 –

PacLII Editorial Note:

The attached PDF copy of these Regulations contain forms 12, 13, 14 and 15 referenced above.