Section 55

Withdrawal of a public ruling (TPA 2nd Sch Para 20)

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

(2) If, subsequent to a public ruling, legislation is passed, or the Commissioner makes a another public ruling that is inconsistent with an existing public ruling, the existing public ruling shall be treated as withdrawn to the extent of the inconsistency. 

(3) The withdrawal of a public ruling, in whole or part, shall have effect – 

• (a) where subsection (1) applies, from the date specified in the notice of withdrawal and if no date is specified, from the date the notice of withdrawal is published in at least two daily newspapers of national circulation; or 
• (b) where subsection (2) applies, from the effective date of the legislation or of the new public ruling. 

(4) A public ruling that has been withdrawn, in whole or in part – 

• (a) shall continue to apply to a transaction commenced before the public ruling was withdrawn; and 
• (b) shall not apply to a transaction commenced after the ruling was withdrawn to the extent of the withdrawal.

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