Value Added Tax (Refund of Excise Tax on Trading Stock)

L.N. 127 of 2000

VALUE ADDED TAX ACT

(CAP. 406)

Value Added Tax (Refund of Excise Tax on Trading Stock)

(Amendment) Regulations, 2000

IN exercise of the powers conferred by section 75 of the Value

Added Tax Act, hereinafter referred to as "the Act", the Minister of

Finance has made the following regulations:-

(1) These regulations may be cited as the Value Added Tax Citation and

(Refund of Excise Tax on Trading Stock) (Amendment) Regulations, commencement.

2000 and shall be read and construed as one with the Value Added Tax

(Refund of Excise Tax on Trading Stock) Regulations, 1999, hereinafter LN. 5 of 1999.

referred to as "the principal regulations".

(2) These regulations shall be deemed to have come into

force on the 1st January, 1999.

For regulation 18 of the principal regulations, there shall be Substitutes

regulati~n

substituted the following' .

of tile pnnclpal

regulations.

(1) Subject to the other provisions of these

regulations, an application for a refund in accordance with

these regulations shall be accepted in full on the condition

that the applicant will make a change in the prices, if such a

change is necessary, which shall be fairly commensurate with

such a refund, otherwise chargeable by him on and after 1

January, 1999, for the sale of goods in respect of which the

refund is claimed.

(2) Where an applicant was required to make a

change in the prices and such change was not fairly

commensurate with the amount of refund claimed in the

application for refund, the amount of refund claimed shall be

deducted by the applicable percentage as shown hereunder

(a) where the difference between the actual

change and the expected change does not exceed twenty

five per cent of the expected change, by the actual

resulting percentage;

(b) where the difference between the actual

change and the expected change exceeds twenty five per

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cent but does not exceed one hundred percent of the

expected change, by thirty per cent;

(c) where the difference between the actual change

and the expected change exceeds one hundred per cent

of the expected change, by thirty five per cent.".

3. Immediately after regulation 18 of the principal regulations,

there shall be added the following new regulation

"Saving.

Regulation 12 of the principal regulations shall not

apply in all cases where the provisions of paragraph (2) of

regulation 18 of the said regulations apply.".

4. The provisions of the Value Added Tax (Refund of Excise Tax

on Trading Stock) (Amendment) Regulations, 1999, are hereby revoked

and shall be deemed as never to have come into force.