Regulllltlons, 1997

L.N. 82 ~ 1997

CUsrOMS AND EXCISE TAX ACI'. 1997

(ACI' XU OF 1997)

Customs and Excise Tal: (Refund of Input TIIx on Stocks)

Regulllltlons, 1997

IN exercise of the powers conferred by sections 75 and 78 of the

Customs and Excise Tax Act, 1997, hereinafter in these regulations

refe~ to as "the Act", the Minister of Fmaoce and Commerce has

made the following regulations:-

1bese regulations may be cited as the Customs and

(I)

Excise Tax (Refund of Input Tax on Stocks) Regulations. 1997.

These regulations shall come into force on the Jst Ju l)',

(2)

1997.

RelulltioD 4(2»

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CUSTOMS AND eXOSE TAX

CUSTOMS ANOEXOSE TAX

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Forlhcpurposesofsection78oftheAcl:-

"input tax" shall have the meaning assigned to it by section

24 of the Value Added Tu. Act, 1994, and for which III credit is

al lowed in terms of section 2S of the said Act;

"registered person" means a person registered in terms of the

ValueAdded Tax Act. 1994 or in terms of the Customs and fu:cise

TaxAcl,I997.

''trading stock" shall not include trading stocks whic h arc

exempt in vin ue of the prov isions of section 11 of the Act

(2) Other words and expressions used in these regulations

shall have the meaning assigned to them in the Act.

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CUSTOMSANO EXCISE TAX

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For the purposes of paragraph (b) of subsection (4) of section

78 of the ACI:-

(a)

input tax shall include -

0) inpullax paid or payable by a registered person on

all capi tal purchases and for which a tax credit Willi allowed

or allowable in terms of section 25 of the Value Added Tax

Act, 1994

(ii) input tax paid or payable by a registered person on

all services supplied to thai person and for which a·tax credit

was allowed or allowable in tenns of section 25 of the Value

Added Tax Act, 1994;

(iii) fifteen per cent of the value of any goods or

services provided to a registered person between the 1st

January, I99S, and 30th June, 1997. where no input tax was

paid or payable in terms oftbe provisions of regulation 16 of

the Value Added Tax (Supplies of Goods and Services) L .... . \I6otlW..

Regulations. 1994, and were it not for the above provisions,

value added tax would have been paid o r payable;

(b) without prejudice to the provisions of regulation 4 of

these regulations. it shall be sufficient for a registered person to

include in the statement the amount of value added tax paid or

payable from the dale following the end oftbe tax period to which

the last value added tax return submitted to the Commissioner of

Value Added Tax refers. to the 30th June, 1997.

( \) The slatemenl referred 10 in paragraph (a) of subsection _ o f

(4) of section 78 of the Act shall be submitted on the fonn set out in the ndina-·

First Schedule to these regu lations.

(2) The statement referred to in pani.graph (b) of subsection

(4) of section 78 of the Act shall be submitted on the fonn sct out in the

Second Schedule to these regulations.

(I ) The statements referred to in suhseclion (4) of section T\mo limil

78 of the Act shall be made to the Director by not later than 12.00 noon ::.:-::-

of Thursday, 31st July. 1997.

(2) Where no trading stock. is held by a registered person

on the 30th June, 1997. a nil statement is 10 be made on the fonn set out

in theThird Schedule to these regulations, within the time limit specifled

in pamgraph ( I) of this regu lation.

A revision oflhe amount of input lax and an assessment of the Movisionof

amount of input tax made by the Director in tenns of subsection (7) of 'npu!la<.

section 78 of the Act shall be final and the provisions of section 46 of

the Act shall not apply to any such revision or assessment.

The refund of input tax on trading stock. due to the Director Mochodof~

in vinue of subsection (3) of section 78 of the Act. shall be made to the

Director in four equal i.nstalments by not later than 3OSeptember, 1997,

3 1 October, 1997,30 November, 1997 and 31 December, 1997,

respectively.

Interest at the rate of one per cent pe r month or pan thereof

shall be payable to the Director from the 151 January 1998 on any balance

of refund of input tax required 10 be made in terms of subsection (3) of

section 78 o£lheAct whichremaias unpaid by the JIS!: December, 1997.

until such time as tba! balance is fully paid.

BS09

FIRST SCHED ULE

"Regulation 4( 1»

CUSTOMS J>K) EXCISE TAX

Iflefund on Slock)

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