Finance (No. 2) Act, 1966

Rate of wholesale tax.

7.—(1) Wholesale tax shall be five per cent. of the taxable turnover, as defined by this section, of the accountable person and the amount of tax chargeable during every month shall be paid after the expiration of the month in accordance with regulations.

(2) In this section “taxable turnover” means the total amount of money received by the accountable person in respect of which he is accountable for and liable to pay wholesale tax.

(3) Where the moneys received by an accountable person are derived in whole or part from selling taxable goods at current retail prices, the amount of wholesale tax shall, subject to regulations, be reduced to the amount which would be payable if those sales had been made at current wholesale prices.