Miscellaneous Provisions (Heritage and Stabilisation Fund, Government Savings Bonds and Value Added Tax) Act, 2020

BILL
AN ACT to amend the Heritage and Stabilisation Fund Act, Chap. 70:09, the Government Savings Bonds Act, Chap. 71:41 and the Value Added Tax Act, Chap. 75:06 [Assented to 26th March, 2020] ENACTED by the Parliament of Trinidad and Tobago as follows:

1. This Act may be cited as the Miscellaneous
   Provisions (Heritage and Stabilisation Fund, Government Savings Bonds and Value Added Tax) Act, 2020. Enactment Short title Fifth Session Eleventh Parliament Republic of Trinidad and Tobago REPUBLIC OF TRINIDAD AND TOBAGO Act No. 9 of 2020 [L.S.]

2. The Heritage and Stabilisation Fund Act is
   amended by inserting after section 15, the following
   section:
   15A. (1) Notwithstanding section 15 and any other written law and subject to subsection (2), withdrawals may be made from the Fund where— (a) a disaster area is declared under the Disaster Measures Act; (b) a dangerous infectious disease is declared under the Public Health Ordinance; or (c) there is, or is likely to be, a precipitous decline in budgeted revenues which are based on the production or price of crude oil or natural gas. (2) Withdrawals under subsection (1) may be made from the Fund not exceeding one and one half billion dollars at any time during the financial year. (3) Where a withdrawal has been made from the Fund under this section, the Minister shall cause a report to be laid in the House of Representatives, within sixty days of that withdrawal.”.

3. The Government Savings Bonds Act is amended
   in section 8(1), by inserting after paragraph (b), the following paragraph:
   “(ba) transfer of bonds;”.

4. The Value Added Tax Act is amended by inserting
   after Part 5, the following Part:
   Chap. 70:09 amended
   Chap. 71:41 amended
   Chap. 75:06 amended
   “Withdrawals in exceptional circumstances Chap. 16:50 Ch. 12 No. 4 2 No. 9 Miscellaneous Provisions (Heritage and Stabilisation 2020 Fund, Government Savings Bonds and Value Added Tax)

“PART 5A
SPECIAL PROVISIONS FOR REFUNDS OF TAX 47A. (1) For the purposes of meeting any liability to refund any tax, the Minister is authorised to— (a) sign agreements on behalf of the Government; and (b) make payments in any form whatsoever, including the issuing of bonds. (2) Bonds issued under sub￾section (1)(b) may be— (a) interest or non-interest bearing bonds; or (b) transferable or non-trans￾ferable. (3) Bonds issued under sub￾section (1)(b) shall not exceed— (a) six billion dollars, in aggre￾gate, in such denominations as may be prescribed and in such further sums as may be required to defray the expenses of the issue of the bonds; or (b) such other sums as may, from time to time, be specified by resolution passed by both Houses of Parliament. (4) Interest bearing bonds issued under subsection (1)(b) shall bear interest at the prescribed rate and such interest shall be computed in the prescribed manner. Minister authorised to sign agree￾ments, make payments and issue bonds No. 9 Miscellaneous Provisions (Heritage and Stabilisation 2020 3 Fund, Government Savings Bonds and Value Added Tax)

(5) The Minister may exchange or replace a bond of equal value for any bond which is mutilated, destroyed, stolen or lost upon such terms and conditions as he thinks fit. 47B. The payment of all moneys under this Part shall be a charge on the Consolidated Fund. 47C. The bonds issued under this Part are deemed to be duly registered in accordance with the Securities Act. 47D. (1) The Minister may, by Order, designate— (a) the Central Bank of Trinidad and Tobago; or (b) a financial institution, as the Fiscal Agent under this Part. (2) The Fiscal Agent shall— (a) establish and maintain a register of the holders of bonds; and (b) promptly pay, on behalf of government, the principal sum at maturity of a bond. 47E. (1) The Minister may make regulations prescribing anything required to be prescribed under this Part and generally for giving effect to this Part, including regulations relating to the— (a) denomination of bonds; (b) types, classes or series of bonds; (c) transfer of bonds; Charge on Consolidated Fund Bonds deemed registered Chap. 83:02 Fiscal Agent Regulations 4 No. 9 Miscellaneous Provisions (Heritage and Stabilisation 2020 Fund, Government Savings Bonds and Value Added Tax)

(d) form, issue and recording of bonds; and (e) method of holding bonds. (2) The Minister shall cause regulations made under subsection (1) to be laid in Parliament.”. Passed in the House of Representatives this 25th day of March, 2020. Clerk of the House Passed in the Senate this 26th day of March, 2020. Clerk of the Senate PRINTED BY THE GOVERNMENT PRINTER, CARONI REPUBLIC OF TRINIDAD AND TOBAGO—2020 No. 9 Miscellaneous Provisions (Heritage and Stabilisation 2020 3 Fund, Government Savings Bonds and Value Added Tax)