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Business Licence (Amendment) Act 2011

REPUBLIC OF VANUATU

BUSINESS LICENSE (AMENDMENT) ACT
No. 15 Of 2011

Arrangement of Sections
1 Amendment
2 Commencement

REPUBLIC OF VANUATU

Assent: 20/12/2011
Commencement: 01/01/2012

BUSINESS LICENSE (AMENDMENT) ACT
No. 15 Of 2011

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 commences on 01 January 2012.

SCHEDULE
AMENDMENTS OF BUSINESS LICENSE (AMENDMENT) ACT
[cap 249]

1. After Section 10
   

Insert

“10A Effect of issuing a receipt on payment of business licence fee

(1) A person can proceed to operate a business upon being issued a receipt by the Director, for the payment of the fee relating to a business referred to in section 7, 8, 9, or 10.

(2) The Director must ensure that a business licence is issued to a person referred to in subsection (1), within five (5) working days from the date on which the receipt is being issued.

(3) The Director may refuse to issue a business licence to a person if the person fails to comply with any of the requirements of obtaining a business licence under this Act or any other Act.

(4) To avoid doubt a person must cease to operate his or her business once the person is being informed by the Director of his or her refusal to issue the business licence.”

2 Schedule 1 –CLASS F, Category F1, Commercial Banks (subparagraph F1.(ii))

(i) Delete “foreign exchange earnings” substitute “exchange difference”
(ii) After the words “exchange earnings.” Insert “exchange difference is the difference resulting from translating a given number of units of one currency into another currency at difference exchange rates.”