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Industrial Chemicals Charges (Excise) Regulations 2020
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Turn the raw legal text into a practical explanation grounded in Industrial Chemicals Charges (Excise) Regulations 2020.
(1) The value of the relevant industrial chemicals introduced by a person in a financial year is the sum of the imported industrial chemical value and the manufactured industrial chemical value, worked out as follows: Start formula open bracket Customs value plus Insurance and freight costs plus Customs duty close bracket plus open bracket Labour and material costs plus Factory costs close bracket end formula where:
customs duty means the total duty of customs payable under the Customs Tariff Act 1995 on any relevant industrial chemicals imported by the person during the financial year.
customs value means the total customs value (within the meaning of the Customs Act 1901) of any relevant industrial chemicals imported by the person during the financial year.
factory costs means the total cost for the financial year of factory overhead expenses in relation to the manufacture of any relevant industrial chemicals manufactured by the person during the financial year.
insurance and freight costs means the total insurance and freight costs for the financial year that are related to the importation of any relevant industrial chemicals imported by the person during the financial year.
labour and material costs means the total cost for the financial year of labour and materials employed in the manufacture of any relevant industrial chemicals manufactured by the person during the financial year.
(2) If: (a) a person has imported relevant industrial chemicals in the financial year; and (b) the person has manufactured relevant industrial chemicals in the financial year; and (c) some or all of the imported relevant industrial chemicals were used during the financial year as ingredients or components in the manufacture by the person of one or more other relevant industrial chemicals; the value of the relevant industrial chemicals introduced for the financial year worked out under subsection (1) is reduced as follows: Start formula Total value of relevant industrial chemicals introduced minus Manufacture use value end formula where:
manufacture use value, for an imported relevant industrial chemical, means so much of the value of the relevant industrial chemical introduced in the financial year as can be apportioned to the use of the relevant industrial chemical in the manufacture by the person of one or more other relevant industrial chemicals during the financial year.
total value of relevant industrial chemicals introduced means the value of the relevant industrial chemicals introduced by the person in the financial year worked out in accordance with subsection (1).
(3) The value of the relevant industrial chemical introduced by a person in a financial year worked out under subsections (1) and (2) is to be rounded to the nearest whole dollar (rounding 50 cents upwards).