(1) Where a tax invoice has been issued in the circumstances specified under section 32(2)(a) and the amount shown as tax charged on that tax invoice exceeds the tax properly chargeable in respect of the supply, the registered person making the supply is required to provide a registered recipient of the supply with a tax credit note containing the particulars specified in the Regulations.
(2) A person shall not provide a tax credit note in any circumstances other than those specified under subsection (1).
(3) Where a tax invoice has been issued in the circumstances specified under section 32(2)(a) and the tax properly chargeable in respect of the supply exceeds the amount shown as tax charged in that tax invoice, the registered person making the supply is required to provide a registered recipient of the supply with a tax debit note containing the particulars specified in the Regulations.
(4) A person shall not provide a tax debit note in any circumstances other than the circumstances specified under subsection (3).
(5) A registered person may issue only one tax credit note or tax debit note for the amount of the excess stated in subsection (1) or (3) respectively.
(6) Notwithstanding the provisions of this section, where a registered person claims to have lost the original tax credit note or tax debit note, the registered person who made the supply may provide a copy clearly marked “copy”.
(7) A person shall not knowingly or recklessly issue a false tax credit note or a false tax debit note.
(8) A person who contravenes this section commits an offence and is liable on summary conviction to a fine not exceeding $15,000 or imprisonment for one year or both.