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Yazaki Samoa Enterprise Act 2010

SAMOA

YAZAKI SAMOA ENTERPRISE ACT 2010

Arrangement of Provisions

1. Short title and commencement

2. Interpretation

3. Act binds Government

4. Object of the Act

5. Income tax exemption

6. Value added goods and services tax exemption
7. Restriction on disposal of goods acquired exempt from tax

8. Records and inspections

9. Accounts and reports

10. Repeal

11. Transitional

YAZAKI SAMOA ENTERPRISE ACT 2010

2010 No. 7

AN ACT relating to the provision of certain taxation assistance to Yazaki EDS Samoa Limited and for related purposes.

[Assent date: 7 April 2010]

[Commencement date: 8 November 2009]

BE IT ENACTED by the Legislative Assembly of Samoa in Parliament assembled as follows:

1. Short title and commencement – (1) This Act may be cited as the Yazaki Samoa Enterprise Act 2010.
(2) This Act is deemed to have commenced on 8 November 2009.

2. Interpretation – In this Act, unless the context otherwise requires:

“Commissioner” means the Commissioner of Inland Revenue appointed under section 5 of the Tax Administration Act 2012;

“income tax” has the same meaning as in the Income Tax Act 2012;

“income year” has the same meaning as in the Tax Administration Act 2012;

“Inland Revenue Acts”; means the following Acts:

(a) Income Tax Act 2012;
(b) Tax Administration Act 2012; and
(c) Value Added Goods and Services Tax Act 1992/1993

“Minister” means the Minister responsible for Revenue;

“the Company” means Yazaki EDS Samoa Limited.

3. Act binds Government – This Act binds the Government.

4. Object of the Act – The object of this Act is to provide taxation assistance to the Company to retain its enterprise in Samoa.

5. Income taxation exemption – The Company is exempt until 8 November 2015 from liability for income tax under the Income Tax Act 2012 in respect of all income earned by the Company in carrying out its enterprise in Samoa.

6. Value added goods and services tax exemption – The Company is exempt until 8 November 2015 from liability for value added goods and services tax under the Value Added Goods and Services Tax Act 1992/1993 in respect of goods imported by the Company into Samoa as raw materials that are required by and will be used by the Company for manufacturing, producing, processing or assembling products for export from Samoa.

7. Restriction on disposal of goods acquired exempt from tax – No goods acquired by the Company exempted from any tax under this Act may be sold, given away or otherwise disposed of by the Company except:

(a) for raw materials after the further processing has been completed; or

(b) upon the Company paying value added goods and services tax in accordance with the Value Added Goods and Services Tax Act 1992/1993 on the value of the goods sold, given away or otherwise disposed of; or

(c) after the expiration of 5 years from the date of acquisition of the goods.

8. Records and inspections – (1) The Company must keep to the satisfaction of the Minister:

(a) full records and accounts of all the Company transactions, assets, liabilities and funds;

(b) full records and inventories of all items imported by the Company into Samoa;

(c) full records and inventories of all products manufactured, produced, processed or assembled by the Company;

(d) full records and inventories of all stocks of products held by the Company; and

(e) full records of all products exported by the Company from Samoa.
(2) An authorised officer is entitled at all times to enter and inspect the premises of the Company and to inspect and take copies of the records of the Company for the purpose of ascertaining whether the provisions of this Act are being complied with.
(3) A person who obstructs an authorised officer while that officer is carrying out or attempting to carry out an inspection authorised by subsection (2) commits an offence and is liable on conviction to a fine not exceeding 50 penalty units or to imprisonment for a term not exceeding 6months,or to both.
(4) In this section, “authorised officer” means a person authorised in writing under the Tax Administration Act 2012 to inspect books and documents or to request information.

9. Accounts and reports – (1) Within 6 months after the end of every financial year, the Company must submit to the Minister and to the Commissioner a copy of its audited accounts disclosing sufficient information to show whether or not the Company has complied with the provisions of this Act.
(2) The Company must submit with the audited accounts a written report on the conduct and progress of the Company during the financial year to which the accounts relate.
(3) The Company must answer all questions put to it by the Minister or the Commissioner relevant to the report and accounts.

10. Repeal – This Act is repealed on the sixth anniversary of its commencement or on 9 November 2015, whichever occurs later.
11. Transitional – Despite section 10, the following provisions apply:

(a) in the 2015 income year, the income earned by the Company in carrying out its enterprise in Samoa shall be apportioned between the part of the income year which precedes 8 November 2015 and the part which includes 8 November 2015 and following days, calculated in whole days, and only the income attributed to the period of the income year preceding 8 November 2015 shall be exempt from income tax;

(b) from the commencement of this Act until 8 November 2015, the assets of the Company may be depreciated in such amount as would otherwise be allowed under the Inland Revenue Acts for wear and tear; and from 8 November 2015, the written down value of those assets shall be deemed to be the commencing values for computing future depreciation allowances for income tax purposes;

(c) all losses incurred by the Company in carrying out its enterprises in Samoa from the commencement of this Act until 8 November 2015 is taken to have occurred in the 2015 income year, and may be set off against income earned from 8 November 2015, in accordance with the Inland Revenue Acts.

REVISION NOTES 2008 – 2013

This is the official version of this Act as at 31 December 2013.

This Act has been revised by the Legislative Drafting Division in 2008, 2009, 2010, 2011, 2012 and 2013 under the authority of the Attorney General given under the Revision and Publication of Laws Act 2008.

The following general revisions have been made:

(a) Insertion of the commencement date

(b) Other minor editing has been done in accordance with the lawful powers of the Attorney General, where appropriate:

(i) Present tense drafting style:“shall be deemed” changed to “is/are taken”
(ii) Removal/replacement of obsolete and archaic terms with plain language:

• “notwithstanding” changed to “despite”
• “in the case of” changed to “for”

(iii) Numbers in words changed to figures
(iv) Removal of superfluous terms: “against this Act” and “the provisions of”
(v) Fine is stated before jail term
(vi) references to:
(vii) Income Tax Act 1974 change to Income Tax Act 2012;

• (viii) Income Tax Administration Act 1974 change to Tax Administration Act 2012;

(ix) Revised definition for “Inland Revenue Acts” in section 2

There were no amendments made to this Act since its enactment.

This Act is administered by
the Ministry for Revenue.