REPUBLIC OF VANUATU

Business Licence (Amendment) Act 2023

No. 23 of 2023
Arrangement of Sections
1	Amendment
2	Commencement

REPUBLIC OF VANUATU

Assent:		29/12/2023
Commencement:		01/01/2023

Business Licence (Amendment) Act No. 23 of 2023
An Act to amend the Business Licence Act [CAP 249].
Be it enacted by the President and Parliament as follows-
1	Amendment
The Business Licence Act [CAP 249] is amended as set out in the Schedule.
2	Commencement
This Act is taken to have commenced on 1 January 2023.

SCHEDULE
AMENDMENTS OF BUSINESS LICENCE ACT [CAP 249]
1	Section 18A
Repeal the section, substitute
	“18A.	Turnover tax
	(1)	A person must pay a turnover tax if that person operates a business specified in class F2, F3(a), F3(b), F3(c), F3(d) or F4 of Schedule 1. 
	(2)	The turnover tax must be paid at a rate of 5% of the turnover of each quarter that arises from activities categorised as exempted supplies or zero-rated supplies under Schedule 1 or Schedule 3 of the Value Added Tax Act [CAP 247].
	(3)	The turnover tax must be paid within 14 days after the end of each quarter.
	(4)	For the purposes of subsections (2) and (3), “quarter” means a period of 3 months beginning on 1 January, 1 April, 1 July and 1 October of each year.
	(5)	This section applies despite any other provisions of this Act.”
2	Schedule 1, Column 2, Class F, Category F1, Commercial Banks
Delete “7.00% of turnover for the licensing year subject to a minimum fee of 5,500,000”, substitute “7.00% of turnover for the licencing year subject to a minimum fee of 5,500,000”