S.L. 123.85 Art. 11Reversal or re- calculation of tax credit.

(1) In the circumstances mentioned in rule 9(3) the tax credit in question shall be reversed or re-calculated, as the case may be.

(2) The reversal or re-calculation of a tax credit shall give rise to an obligation of the eligible user to pay an amount of tax, in addition to any other tax liability, equivalent to the reduction in the tax credit resulting from the reversal or recalculation, and such amount shall be deemed to be tax chargeable under the Act for the year of assessment in which the cause for the reversal or recalculation subsists, and shall be reported and paid by the eligible user in question accordingly.