(1) There shall be charged, collected and paid to the Accountant General on all goods and commodities enumerated in the Schedule being goods and commodities produced or manufactured in, and imported into Saint Lucia from, a territory in the market area an excise equalisation duty equivalent in amount to the aggregate of any duties of excise, and other charges levied and collected on goods and commodities of the like description produced or manufactured in Saint Lucia.
(2) Where goods and commodities to which this Act applies are imported into St. Lucia, or taken out of bond for consumption in Saint Lucia, the duty made payable under subsection (1) shall be paid by the importer of such goods and commodities at the time of their importation or, as the case may be, at the time they are taken out of bond for consumption.