(a) EXCISE DUTY
The Customs and Excise Act does not expressly define excise duty. However, it refers to duty levied on the local manufacture or importation of excisable goods which are usually luxurious items such as cigarettes, wines, electronic sets, etc.
(b) LOCAL COMMITTEE
Is an appeal body charged with hearing and deciding on disputes between taxpayers and the commissioners of income tax.
(c) DESIGNATED PRIMARY SOCIETY
Means a co-operative society registered under the Co-operative societies Act, Section 19 A (7).
(d) BONDED WAREHOUSE
Is a warehouse licensed by the commissioner of customs and excise for storage of goods prior to entry for home use or re-exportation or awaiting payment of duty.
(e) TAXABLE PERSONS
Section 2 of VAT Act – Any person liable to apply for registration under the sixteenth schedule but does not include an export processing zone enterprise.
(f) ZERO RATED
Section 8 of Vat Act gives zero-rated supplies as those business transactions on which VAT is charged at zero rate.
(g) NON-RESIDENT
Is a person/company that does not fit into the definition of a resident as specified in Section 2(1) of the Income Tax Act.
(h) EXEMPT INCOME
Is income not subject to tax such as interest earned on tax reserve certificates.
(i) REGISTERED HOME OWNERSHIP SAVINGS PLAN
Is a savings plan established by an approved institution and registered with the commissioner in a prescribed manner – Section 2 (1).
(j) COMMERCIAL VEHICLE
Is a road vehicle which the commissioner is satisfied that it is manufactured for carriage of goods and so used in connection with business; or a motor or minibus as per Traffic Act, or used for carriage of members of public for hire or reward.
