(1) The Comptroller, within ten days of receipt of an application made under regulation 5, shall —
(a) approve the application with or without conditions; or
(b) refuse the application.
(2) The Comptroller may approve an application for deferred payment of value added tax on the importation of —
(a) capital goods, if he or she is satisfied that the capital goods will be used for commercial purposes; or
(b) raw materials, if he or she is satisfied that the raw materials will be used in the manufacturing of goods.
(3) Without limiting the generality of subregulation (1), the Comptroller may approve an application with conditions that —
(a) the registered person complies with the Act and satisfies the requirement for filing returns on time and making payments for value added tax in full and on time;
(b) the registered person complies with the requirements of the laws administered by the Inland Revenue Department and the Customs and Excise Department;
(c) the registered person provides a declaration that the capital goods and raw materials are for use in the business of the registered person;
(d) where the business of the registered person is dealing in a mixed supply, the portion of the deferred input tax which is directly allocable to the making of the taxable supply is allowed as a deduction;
(e) the registered person accounts for a transaction undertaken in the respective month on the return form; and
(f) the registered person pays excess resulting from a transaction on filing the return.
(4) The Comptroller shall in writing —
(a) notify the registered person of the approval or refusal of an application made under regulation 5; and
(b) give reasons for his or her decision.