LAWS OF WESTERN SAMOA

FOREIGN EXCHANGE LEVY 1977

ANALYSIS

Title
1. Short title
2. Interpretation
3. Foreign exchange levy imposed
4. Rate of levy
5. Penalty payable on unpaid levy
6. Relief from additional levy
7. Recovery of levy
8. Furnishing of information and returns
9. Powers of entry and inspection
10. Offences 
11. Act to be in addition to and not in derogation of currency and exchange control legislation
12. Regulations

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THE FOREIGN EXCHANGE LEVY ACT 1977

1977, No. 10

An Act to impose a foreign exchange levy

[25 August 1977]

1. Short title - This Act may be cited as the Foreign Exchange Levy Act 1977.

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

"Bank" means any person or body carrying on in Western Samoa the business of banking;

"Commissioner" means the Commissioner of Inland Revenue and includes any person for the time being authorised to exercise or perform any of the powers or functions of the Commissioner;

"Department" means the Inland Revenue Department;

"Foreign currency" means the bank notes or other currency of any country other than Western Samoa, and includes postal notes, money orders, promissory notes, bills of exchange, and any other negotiable instruments payable otherwise than in the currency of Western Samoa;

"Levy" means the foreign exchange levy imposed by this Act;

"Minister" means the Minister of Finance;

"Sale of foreign currency" includes any dealing or transaction having the effect of a sale or exchange of foreign currency.

3. Foreign exchange levy imposed - (1) On the date this Act comes into force, every bank shall pay for the use of the Government of Western Samoa a levy to be known as the foreign exchange levy.

(2) The levy imposed by this Act shall be payable in respect of every sale of foreign currency in Western Samoa.

(3) The levy shall be payable monthly to the Commissioner on the due date.

(4) For the purposes of this Act the due date shall be the fifth working day of every month in respect of the levy payable on the sale of foreign currency during the preceding month.

4. Rate of levy -The levy shall be assessed and paid at the rate of one percent of the tala value of every sale of foreign currency.

5. Penalty payable on unpaid levy - (1) Any bank failing to pay the levy within 7 days after the due date shall be chargeable, by way of penalty, with additional levy of 10 percent of the amount of the unpaid levy.

(2) Any penalty charged under subsection (1) shall be added to and deemed part of the levy payable and recoverable in accordance with this Act.

6. Relief from additional levy - (1) On application for relief made in writing by or on behalf of any bank, the Commissioner, if having regard to the circumstances of the case he thinks it equitable so to do may, subject to the provisions of this section, grant relief to the bank -

(a) By the remission of the whole or part of the additional levy; or

(b) Where the additional levy has been paid in whole or in part, by the refund to the bank of the whole or any part of that levy that has been paid, with or without the remission of any part of the additional levy that has not been paid.

(2) No amount of levy in excess of $400 shall be remitted or refunded under this section except with the approval of the Minister.

7. Recovery of levy - The levy payable under this Act shall be recoverable from every bank by the Commissioner by suit in his official name in any Court of competent jurisdiction as a debt due to the Government of Western Samoa.

8. Furnishing of information and returns - Notwithstanding anything in any other Act, the Commissioner or any member of the Department authorised by the Commissioner may from time to time direct any bank to furnish, within such period as shall be specified in the direction, all such information or returns relating to that bank's dealings in or sales of foreign currency as the Commissioner may require for the purposes of this Act, and it shall be the duty of such bank to comply with the direction within that period.

9. Powers of entry and inspection - For the purpose of verifying the correctness of any information or return furnished by any bank under this Act, or for the purpose of securing compliance with the provisions of this Act or of any directions issued pursuant to this Act, the Commissioner or any member of the Department authorised by the Commissioner may, notwithstanding anything in any other Act,-

(a) Enter any building or place used by the bank for the purpose of its business; and

(b) Inspect and take copies of such documents or records as are kept by the bank in relation to its dealings in or sales of foreign currency.

10. Offences - (1) Any bank,-

(a) Which contravenes or fails to comply with any provision of this Act or any lawful directions given under or pursuant to this Act; or

(b) Which furnishes any false information or false return to, or obstructs any person exercising, performing or discharging any power, duty or function under or pursuant to this Act-

commits an offence and shall, on conviction, be liable to a fine not exceeding $5,000.

(2) No prosecution for an offence under this Act shall be brought without the written consent of the Attorney -General.

11. Act to be in addition to and not in derogation of currency and exchange control legislation - This Act shall be in addition to and not in derogation of the provisions of the Currency and Exchange Control Ordinance 1961 and the regulations made under that Ordinance, and the Monetary Board of Western Samoa Act 1974.

12. Regulations - The Head of State, acting on the advice of Cabinet, may from time to time make regulations for all or any of the following purposes:

(a) Prescribing the form of returns to be made under this Act, the particulars to be set forth in such returns, the persons by whom and the times when or within which such returns are to be made; and the forms of assessments, notices and other documents necessary in order to give effect to the provisions of this Act:

(b) Providing for such other matters as are contemplated by or necessary for giving effect to the provisions of this Act and for its due administration.

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The Foreign Exchange Levy Act 1977 is administered in the Inland Revenue Department.