Cap. 395 Art. 33Accounting basis.

(1) Subject to the provisions of this Act, every registered person shall account for tax payable on an invoice basis.

(2) The Director may, on application in writing by a registered person or on the Director’s own initiative, direct that the registered person account for the tax payable on a payment basis.

(3) Where the Director has, pursuant to subarticle (2), directed that a registered person shall account for tax payable on a payment basis -

(a) if that registered person has ceased to satisfy the conditions under which any such direction has been given, and -

(i) that registered person has notified the Director under article 26 of a change in status; or

(ii) the Director is otherwise satisfied that the registered person has ceased to satisfy the conditions aforesaid; or

(b) if that registered person has made an application in writing to the Director to account for tax payable on an invoice basis, the Director may direct that that registered person shall account for the tax payable on an invoice basis. from -

(a) the commencement of the tax period immediately following the tax period during which the direction is given by the Director, in any case to which paragraph

(b) of this subarticle does not apply; or

(b) the person’s registration under this Act, where the direction is given by the Director before the end of the first tax period of the person that follows that registration.