Article 75 - Rulings

1. A Taxable Person may request that the Authority give its opinion or a ruling on the interpretation of the Law or these Regulations to the Taxable Person’s current or intended Economic Activity. The request should be made in writing and specify whether the Taxable Person wishes the ruling to be private or public.

2. The Authority may, in its discretion, issue an opinion or ruling on such a request. The Authority will consider the request in light of:

(a) the complexity of the issue and the availability of existing resources to the Taxable Person to address the request,

(b) whether the request is for a private or public ruling and the benefit for other Taxable Persons in accessing an opinion or ruling on the matter,

(c) the level of information provided in the request surrounding the current or intended Economic Activity to allow the Authority to issue a ruling with an accurate application of the Law or these Regulations to that Economic Activity,

(d) the expected value and regularity of the event or transaction,

(e) the availability of resources within the Authority to respond to the request.

3. A public ruling is issued by the Authority, in doing so the identity of the Taxable Person, or details based on which the Taxable Person can be identified, shall not be disclosed when the ruling is issued.

4. The Authority may, in its discretion, choose to issue a public ruling to provide guidance on the application of the Law or these Regulations without a specific taxpayer request.

5. Any opinion or ruling issued by the Authority in accordance with this article is not binding on the Authority or any Taxable Person in respect of any transaction carried out by the requesting Taxable Person or any other Person. The provisions of this article shall be without prejudice to the rights of the Authority to issue binding decisions and instructions pursuant to article fifty-two of the Law.