Customs and Excise Tax (Tn Reatrds) RqulatiollS, 1997 (tnreatrds)

LN. 89 of 1997

CUSTOMS AND EXCISE TAX ACT, 1997

(ACT NO. XII OF 1997)

Customs and Excise Tax (Tn Reatrds) RqulatiollS, 1997

IN exercise of the powers conferred by sections 70 and 75 of

tile: Customs a nd Excise Tax Act, 1997, lIe reinafter in Ihese

regulations referred 10 as "the Act". tile Minister of Finance and

Commerce has made tile following regulalions:-

(I) These regulations may be cited as the Customs and a.mr. ...

Excise Tax (Tax Records) Regulalions. 1997.

(2) These regulations shall come into force on I SI July.

1997.

Terms used in these regulations shall , unless the context ~.

otherwise requires. have the meaning assigned to them in the Ac!.

Every regis tered person shall keep the following tax -

records . where ap plicable

::;

~.

(a)

proper accounts and records of his business activity;

(b)

his tax account;

(c)

his annual tax accou nt;

(d)

copies of all tax invoices issued by him;

(e)

all tax invoices received by him ;

documen tation relating to imponations and exports;

(f)

(g) copies or all receiplS issued in terms orlhe Customs

and Excise Tax (Receipts) Regulations, 1997; and

WU701 1997.

(h) all credit notes. debit notes and other documents

issued by hi m or received by him which evidence an increase

or II decrease in the consideration fo r any sales or provisions or

for imponations.

The accounts and records of every regi stered person 511311

be kepI in such a way as 10 enable the following mr.tters to be readily

ascertai ned

(a> the 10181 val ue o f the sales or provisions made by

him du ring each tax period . and separate 10la ls o f the value

of-

exports

(i)

(ii) sales or provisions ocher than cltpons referred

10 in Pan One of the Second Schedule 10 the Act or in the

Third Schedule to the Act

(iii) sales or provisions made outside Malia

(iv) other sales or provisions made. distinguishing.

between sales of products and provision o f services

(v) provisions deemed to have been made in lenns

o f subsection (2) of section 22 o f the Act

(vi)

sales made in lenns of subsection (3) of section

12 of the Act;

(vii) the tax collected, if any;

(b) the separate totals of the value of his importations.

capital purchases IllId trading purchases for each tax period

(c) the tax paid or payable , the taJ. refund refunded or

refundable and the excess refund carried forward , if any , for

each tall period.

(I) The Tax Acco unt shall be a separate ac<:ount held

for each tax period of t he registered person and shall be div ided ut a

the "Tax Payable Porti on" and the '"Refundable Tax Ponion".

(2) The tax payable ponion of the Tax Ae<:ount sJlall

show the amount of tax payable for the relati ve tax period and shall

contai n a c ross reference to the accounts from which lhe values of

the sales to which t he tax refers can be ascenained .

(3) The refundab le tax ponion of the Tax Ae<:ount sJJaIl

show the tOla l tax thaI may be refunded for that period and sJmll

co ntain a cross refe rence to the accounts from which the values 10

which the tax refers can be asce n ained.

(I) Where the amount of tax payable or the amount of Iod'"

refunda ble ta x declared by a registered person in a tax return resul ts

=

:f:. ...

[0 have been understated or overstated on account of an increase or

decrease in the consideration for a sale or a cancellation of a sale of ......

made to or by that person which is charged or allowed or made in

an y tax period su bseque nt 10 that du ri ng which the sale was

accou nted for, that person may make an adj ustme nt in the Tax

Account for the said subsequent lax period by means of a deduction

from or an addition to the tOlal of that tax period of the lax payable

andlor the refundable tax pon ion, as the case may be, and Ihe tax

payable and the re fundabl e tax for that period shall be deemed 10 be

the respective totals thereof as adj usted.

Nothing in thi s regulalion shall be construed as

(2)

allowi ng the de tennination of the tax value of a sale in derogati on

of any provision contai ned in the Act.

Every adj ustment to the Tax Account shall clearl y ~

(I)

make reference to the tax period to whic h it refers and to all the

documents relati ng to the understatements and overstatements.

odjo' ....

No adj ustme nts may be made in acco rdance with

(2)

regulation 6 of these regulations in the Tax Account for any period

which commences late r than six months from the expiration of the

lax period for which the relative amounts had been overstated or

understated .

(3) No adjustme nts may be made in the Tax Account

for a tax period in respect of any sale or importation acco unted for

in a previous tax period except in accordance with these regulations.

The amou nt of tax payable and of refund able tax to be T .. _ _ .

declared by a person in a ta x return for a lax period shall be the

amount of the respective lotals shown in the records of thai person

ill accordance wit h these regulations .

The Annual Tax Account shall be an accoun t drawn up ......... T ..

forevcry calendar year and shall show the total of the totals shown ~.

ill the tax payable portion and in the refundable tax portion of the

Tax Account for each of the tax periods endi ng during that calendar

year.

( I) Subject to the provisions of the Act the Director

may.; n any panicularcase orclasses o f cases, require such additional

records Of documents 10 be kcpt. or allow such va riations 10 the

records and docume nts to be ke pt in accordance with these

regulations IS he may deem appropriate for any of lhe purposes of

the Act.

(2) An y requirements as aforesai d shall be made by

notice given 15 required by section 72 of the Act.

,

!nformJ.,,,,,, . J, ClUrt/h ,k1u

lpulll:>li.k .. 1Wd.D>pwmom ,It,' t~!'>""', ZZJOl'l - 1. PjOUlIWtiIJ& - l'ubltm.d bj' tho lJorparIm<nt of

~ , , _ • stamptnJl .. l.(h~ - Pn.,«1 lit tlN Gowm .... , Pnltliltf fun

Pr= &-Prlc. 8r