Category: <span>Legislation Update</span>

Recently, on 18 August 2023, the Gambling (Promotion Competition) Regulations 2023 were published. In terms of the regulations, promotional competitions are now allowed provided the promoters pay a fee, amongst other things. The duration of such promotional competitions is limited to six months, but promoters can apply for an extension. The types of awards are restricted by the regulations and if a prize winner is a minor, there is a requirement that such minor must obtain written consent from their parent or legal guardian.

On the 13^th of January 2023, the Banking Bill (Bill No. 1 of 2023) was published in the Government Gazette and it is intended to be presented to the National Assembly by the Minister of Finance, Ms. Peggy O. Serame at least 30 days after its publication. Once passed, the Bill will repeal and re-enact the Banking Act (Cap 46:04) to align same with international best practice. The Banking Bill also intends to align the country’s regulatory and supervisory standards to the changing nature of both domestic and international financial systems. Should it become law, the Banking Bill will bolster the current legal framework by developing an inclusive and innovative banking sector, regulating the corporate governance of banks, deposit taking institutions and capital structures.

In terms of the Value Added Tax (Decrease in Rate of Tax) Order, 2023 published by the Minister of Finance in the Government Gazette of the 13^th January 2023, the temporary reduction of VAT from 14% to 12% which is lapsing on 2^nd February 2023, has been extended to the 31^st March 2023.