7AMeaning of value of relevant industrial chemicals etc.

7A Meaning of value of relevant industrial chemicals etc.

(1) In this Act:

biological material does not include a whole plant or a whole animal.

relevant industrial chemical means an industrial chemical:

(a) that is not intended for an excluded use; and
(b) that is not:
(i) a naturally‑occurring chemical; or
(ii) biological material; or
(iii) an incidentally‑produced chemical; or
(iv) a reaction intermediate.

(2) The value of relevant industrial chemicals imported by a person during a particular period (whether a financial year or a registration year) is the amount, worked out to the nearest whole dollar, using the formula: Image unavailable in extracted text where:

V means the customs value (within the meaning of section 159 of the Customs Act 1901) of all of those relevant industrial chemicals.

CIF means the cost of the insurance and freight relating to those chemicals.

CD means the customs duty payable on those chemicals.