2. Replacement of section 2 of the Debits Tax Act.…

Section 2 of the Debits Tax Act, No. 16 of 2002

(hereinafter referred to as the “principal enactment”) is hereby repealed and the following scction substituted therefor :—

“Imposition

2. Subject to the provisions of section 13, of debits tax.

there shall be charged and levied —

onthe total amount of the debits, made during each calendar month against each current account maintained at a commercial bank :

on the total amount of the debits, made during each calendar month against each savings account maintained at a commercial bank ora specialized bank;

on the amount realized on the encashment of a certificate of deposit or travelers cheque, a tax to be called the debits tax at the rate of one tenth of one percentium of the total debit or the amount encashed, as the case may be.”.