Uganda
Tax Reserve Certificates Act
Chapter 347
- Published
- Commenced on 27 June 1957
- [This is the version of this document at 31 December 2000.]
- [Note: The version of the Act as at 31 December 2000 was revised and consolidated by the Law Reform Commission of Uganda. All subsequent amendments have been researched and applied by Laws.Africa for ULII.]
1. Interpretation
In this Act, unless the context otherwise requires—2. Issue of certificates
The Secretary to the Treasury may issue tax reserve certificates which shall be in such form and of such denominations and shall bear interest at such rate, and be subject to such other conditions as may be prescribed.3. Purchase of certificates
Any person, on making application in the prescribed manner to the Secretary to the Treasury and on paying an amount equal to the face value of the certificates, shall be entitled to purchase certificates.4. Registration of purchase and transfer
The purchaser of a certificate and, in the case of some other person becoming lawfully entitled to the certificate, that other person, shall be registered by the Secretary to the Treasury as the registered holder of the certificate in the prescribed manner.5. Satisfaction of tax by certificates
At any time within three years from the date of the purchase of a certificate, the registered holder of the certificate may, in the prescribed manner, transfer to the Commissioner General, and the Commissioner General shall accept, any certificate at its face value in payment of the whole or part of any amount due and payable in respect of tax; except that the Commissioner General shall not be obliged to accept certificates of a face value greater than the amount of the tax payable by the registered holder.6. Interest
7. Certificates not normally transferable
8. Maximum holding
No person may hold at any one time certificates to a value exceeding one hundred thousand pounds except with the prior approval in writing of the Secretary to the Treasury.9. Redemption by registered holder
10. Redemption by Commissioner General
The Commissioner General may at any time surrender a certificate to the Secretary to the Treasury by delivery and on so surrendering a certificate shall be entitled to be paid an amount equivalent to the face value of the certificate.11. Issue of duplicate certificates
12. Surrender for other certificates
13. Proceeds of certificates
The monies received for the purchase of certificates shall be paid into and form part of the Consolidated Fund, and any amount required for the redemption of any certificate and for the payment of any interest on it shall be paid by the Secretary to the Treasury out of the Consolidated Fund which is charged with such payments and appropriated to that purpose.14. Regulations
The Minister may make regulations for better carrying out the purposes and provisions of this Act and for prescribing anything which is or may be prescribed.15. Devolution of powers and duties of Secretary to the Treasury
The Minister may, by statutory order, direct that all or any of the powers and duties of the Secretary to the Treasury under this Act shall be exercisable and may be performed by any person specified in the order, and thereupon the powers and duties so delegated shall accordingly be exercisable and may be performed by the person so specified.16. Certificate deemed to be a cheque
For the purposes of Chapter XXXIV of the Penal Code Act, a certificate shall be deemed to be a cheque.17. No duty payable on transfer of certificate
No duty shall be payable under the Stamps Act upon the transfer or surrender of any certificate.18. Saving in respect of acts done bona fide
Nothing in this Act shall be construed to render the Secretary to the Treasury or any other person to whom any power or duty under this Act has been lawfully delegated personally liable for any act bona fide done by him or her in exercise or purported exercise of any such power.History of this document
31 December 2000 this version
Consolidation
27 June 1957
Commenced