Section 64

Withdrawal of a public ruling

(1) The Commissioner may withdraw a public ruling, in whole or in part, by publishing a notice of the withdrawal in at least two newspapers with a nationwide circulation.

(2) Where a law is enacted or the Commissioner makes another public ruling that is inconsistent with an existing public ruling, the existing public ruling shall either be withdrawn or shall be withdrawn to the extent that it is inconsistent with the law or the new public ruling.

(3) The withdrawal of a public ruling, in whole or part, shall take effect from—

• (a) where subsection (1) applies— 
• (i) the date specified in the notice of withdrawal; or 
• (ii) the date that the notice of withdrawal of the ruling is published in compliance with subsection (1); whichever is the later; or 
• (b) where subsection (2) applies, the commencement date of the law or commencement date of the new public ruling is published. 

(4) A public ruling that has been withdrawn, in whole or part shall—

• (a) continue to apply to a transaction commenced before the public ruling was withdrawn; and 
• (b) not apply to a transaction commenced after the public ruling was withdrawn to the extent that the ruling is withdrawn.

Next