2. Amendment of section 3 of Act…

Section 3 of the Ports and Airports Development Levy

Act, No. 18 of 2011 (hereinafter referred to as the “principal enactment”) is hereby amended by the repeal of subsection (1) thereof and substitution therefor of the following subsection:–

“(1) The levy to be charged and levied in respect of the cost, insurance and freight value of any article referred to in section 2 shall be calculated –

at the rate of 5.0 per centum,for the period commencing on January 1, 2011 and ending on December 31, 2015;

at the rate of 7.5 per centum,for the period commencing on January 1, 2016 and ending on December 5, 2019; and

at the rate of 10 per centum, on and after