Fwaxcs (No. 2) No.9 PARTIV VermAnosoTnx 8 Amendment of section 11 of Cap. 23:12 With effect from the lst January,2016, section li ("Exempt supplies") the Value Added Tax Act lChapter 23:121is amended in paragraph (a) and by the repeal of subparagraph (i) and the substitution of"(i) thesupplyofshort-terminsurancebyinsuranceagents orbrokers liable to property and insurance commission tax under section 36H of the Income Tax Act lChapter 26:041: For the purpose of this subparagraph the short-term insurance in question shall be deemed to be a supply offinancial services by the agents or brokers in question, and not by the insurance company or reinsurance company on belialf of which the brokers or agents buy or sell any policy of insurance: Provided tax shall be payable on the amount of the commission earned by such agents or brokers and not on the value of the policy of insurance;". PARTV Cusrolrs aLn Excns 9 New section substituted for section 172D ot Cap.23=42 With effect from the lst January, 2016, the Customs and Excise Act lChaptzr 23:021is amended by the repeal of section l72D and the substitution of- "172D Rate of excise duty on second-hand motor vehicles on which special excise duty payable sale For the purposes of this Part, the rate of special excise duty on the of a second-hand motor vehicle shall be calculated by reference to the Schedule.". 10 New Schedule inserted in Cap. 23:02 With effect from the lst January, 2016, the Customs and Excise Act lChapter B:A2l is amended by the insertion of the following Schedule- 192 201s