40Revocation of tariff rate quota entitlement following notice or reclamation day

40 Revocation of tariff rate quota entitlement following notice or reclamation day

Revocation of notified amount (1) If the Secretary receives a notice under section 39 from a person that states an amount of tariff rate quota entitlement for a quota type and a quota year that the person is returning, the amount of the person’s tariff rate quota entitlement stated in the notice is revoked. Revocation if no notice given (2) If a person who has a tariff rate quota entitlement for a quota type and a quota year does not give the Secretary a notice in accordance with section 39: (a) the person’s tariff rate quota entitlement is forfeited at the start of the day after the reclamation day; and (b) the whole of that entitlement is revoked. Revocation if less than 25% of entitlement used (3) Subsection (4) applies if, at the end of the reclamation day for a quota type and a quota year: (a) a person has a tariff rate quota entitlement for the quota type and quota year; and (b) the total weight for which tariff rate quota certificates have been issued to the person in relation to consignments of that quota type in relation to the quota year is less than 25% of: Start formula Allocations plus Transfers in minus Transfers out minus Returns end formula where: allocations is the sum of all of the amounts of tariff rate quota entitlement for the quota type and quota year that the person has been allocated. returns is the sum of all of the amounts of tariff rate quota entitlement for the quota type and quota year that the person has returned. transfers in is the sum of all of the amounts of tariff rate quota entitlement for the quota type and quota year that have been transferred to the person. transfers out is the sum of all of the amounts of tariff rate quota entitlement for the quota type and quota year that have been transferred from the person to another person. (4) If this subsection applies, then: (a) the person’s tariff rate quota entitlement is forfeited at the start of the day after the reclamation day; and (b) the whole of that entitlement is revoked.