Compulsory Savings (Abolition) Act, 1963 Act 196 (Revised)

ACT 196
Compulsory Savings (Abolition) Act, 1963
ACT 196
COMPULSORY SAVINGS (ABOLITION) ACT, 1963
ARRANGEMENT OF SECTIONS
SECTION
1. Employers not liable to make deductions under section 3. 2. Individuals and companies not liable. 3. Special provisions for bonds. 4. Deductions not made and bonds not taken before specified dates. 5. Certain provisions to apply to bonds. 6. Stamps previously purchased to be converted into bonds. 7. Act to cease to have effect. 8. Interpretation. 9. Commencement of Act. ACT 196
COMPULSORY SAVINGS (ABOLITION) ACT, 19631
AN ACT to abolish compulsory savings, to provide for the redemption or repay
ment of bonds issued previously and to make provision for related matters. 1. Employers not liable to make deductions under section 3
An employer is not liable, with effect from the appointed date, to make the deductions
in respect of employees specified in section 3, or to purchase stamps on behalf of the
employees. 2. Individuals and companies not liable
(1) The Commissioner is not, with effect from the appointed date, liable to make as
sessments under section 4 or section 5.

s and companies not liable
(1) The Commissioner is not, with effect from the appointed date, liable to make as
sessments under section 4 or section 5.

(2) An individual or company shall not, with effect from the appointed date, take
bonds as required by section 4 or section 5. 3. Special provisions for bonds
(1) Where an individual or a company has taken bonds under section 4 or section 5 in
respect of the year commencing on the first day of July, 1963, the face value of the bonds
shall be set off against the income tax payable by that individual or company. 1 This Act was assented to on 31st October, 1963. Ill-651 [Issue 1]

nds
shall be set off against the income tax payable by that individual or company. 1 This Act was assented to on 31st October, 1963. Ill-651 [Issue 1]

ACT 196
Compulsory Savings (Abolition) Act, 1963
(2) Where an employer has purchased stamps under section 3 in respect of the period
commencing on the first day of November, 1963, and ending on the thirtieth day of
June, 1964, if the employer satisfies the Commissioner that the stamps are held for valid
reasons, the Commissioner may authorise the refund of the face value of the stamps
within the time determined by the Commissioner. 4. Deductions not made and bonds not taken before specified dates
(1) Where an employee has neither had deductions made nor stamps purchased by
the employer on behalf of the employee under section 3 in respect of the period com
mencing from the first day of July, 1961 and ending on the thirty-first day of Octo
ber, 1963 or a part of that period, the deductions shall be made and the stamps shall be
purchased by the employer within thirty days after the appointed day.

3 or a part of that period, the deductions shall be made and the stamps shall be
purchased by the employer within thirty days after the appointed day.

(2) Where an individual or a company has neither been assessed nor taken bonds un
der section 4 or section 5 in respect of the period commencing on the first day of July,
1961 and ending on the thirtieth day of June, 1963 or a part of that period the individuals
or companies shall be assessed by the Commissioner and the bonds shall be taken by the
individuals or companies within thirty days of the assessment. 5. Certain provisions to apply to bonds
Sections 7 (1) (d) and 9 shall continue to apply in respect of bonds taken under the Act. 6. Stamps previously purchased to be converted into bonds
Where stamps have been purchased by an employer on behalf of the employee under
section 3 of the Act and the stamps have not been converted into bonds, the stamps shall
be converted by the employer into bonds as soon as may be practicable and the bonds
shall be deemed to be bonds taken under the Act. 7. Act to cease to have effect
Except as otherwise expressly provided in this Act or for any purpose connected with
or incidental to a matter relating to this Act, the provisions of the Act shall cease to have
effect from the appointed date. 8.

urpose connected with
or incidental to a matter relating to this Act, the provisions of the Act shall cease to have
effect from the appointed date. 8.

Interpretation
In this Act, unless the context otherwise requires,
“Act” means the Compulsory Savings Act, 1963 (Act 173);
“appointed date” means the first day of November, 1963;
“Commissioner” means the Commissioner of the Internal Revenue Services or
any other person authorised in that behalf by the Commissioner. 9. Commencement of Act
Spent.2
2. The section provided for its commencement on the appointed day which, under section 8, is the first day of
November, 1963. [Issue 1] III - 652