Clause 234 - Amendment of Act 17 of 2013- Chapter VII not to apply in certain cases - Finance Bill, 2016

PART XIV A MENDMENT TO THE F INANCE A CT , 2013 Amendment of Act 17 of 2013 234. In the Finance Act, 2013, after section 132, the following section shall be inserted, with effect from the 1st day of June, 2016, namely:- Chapter VII not to apply in certain cases 132A. Notwithstanding anything contained in this Chapter, the provisions of this Chapter shall not apply to taxable commodities transactions entered into by any person on a recognised association located in an International Financial Services Centre, where the consideration for such transaction is paid or payable in foreign currency. Explanation. For the purposes of this section, International Financial Services Centre shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones, Act, 2005 (28 of 2005) .