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:  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.