(1) There is established by this Act a Revenue Agencies (Governing) Board in place of the governing boards provided for under the-

(a) Internal Revenue Service Law, 1986 (P.N.D.C.L. 143);

(b) Customs, Excise and Preventive Service (Management) Law, 1993 (P.N.D.C.L.330); and

(c) Value Added Tax Act, 1998 (Act 546) in respect of the Internal Revenue Service, the Customs, Excise and Preventive Service and the Value Added Tax Service.

(2) Upon the coming into force of this Act the Revenue Agencies (Governing) Board referred to in this Act as "the Board" shall be the governing body for the Internal Revenue Service (I.R.S.), the Customs, Excise and Preventive Service (CEPS) and the Value Added Tax Service (VATS).