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

L.N.IS3 of 2000

VALUE ADDED TAX ACT

(CAP. 406)

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

(Amendment) (No.2) 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 (Refund of Excise Tax on Trading Stock) (Amendment) (No.2)

Regulations, 2000 and shall be read and construed as one with the Value

Added Tax (Refund ofExcise Tax on Trading Stock) Regulations, 1999,

hereinafter referred to as "the principal regulations".

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

force on the 1st January, 1999.

Immediately at the end of paragraph (2) of regulation 18 of

the principal regulations, there shall be added the following proviso

"Provided that the Commissioner may adjust the applicable

percentage to be deducted to reflect the changes expected to be

made in respect of the class of economic activity of applicants.".