Cap. 395 Art. 36Calculation of tax payable.

(1) In respect of each tax period every registered person shall calculate the amount of tax payable by him in accordance with the provisions of this Act.

(2) Subject to the following provisions, in calculating the amount of tax payable in respect of each tax period, there shall be deducted from the amount of tax so payable and attributable to the tax period -

(a) any amount calculated in accordance with article 41; and

(3) For the purposes of subarticle (2), the amount of tax payable in relation to a business activity carried on by a registered person attributable to a tax period is, -

(a) the total tax calculated on the tax value of all business activities carried on or deemed to be carried on during that period; and

(b) where a debit note has been issued in that period pursuant to article 40(2) and that registered person is the supplier in relation to that debit note, the amount of the tax debit.

(4) If, in relation to any tax period, the total amount that may be deducted by a registered person under subarticle (2) exceeds the amount of tax due by him to the Director and attributable to that tax period, the amount of excess shall, subject to the provisions of this Act, be refunded to that registered person by the Director.