The object of this Bill is to amend the Value Added Tax Act, so as to—

(a) provide for the use of an electronic payment machine as a payment method and introduce a penalty for failure to comply;

(b) provide for a trigger point for the computation of the two year period for an assessment based on an incorrect or inadequate return;

(c) revise the penalty for submission of false returns and statements;

(d) provide for an upward adjustment of the penalty for evasion of taxation; and

(e) provide for matters connected with, or incidental to, the foregoing.