52 Exit Rules

(1) The Service shall encourage taxable persons to keep some form of records in order to exit from the Presumptive Tax Regime and be assessed on Pay-As-You-Earn or Direct Assessment Principle.

(2) A taxable person under the Presumptive Tax Regime may voluntarily exit and file the requisite tax Returns and be assessed accordingly.

(3) Where the Service discovers, based on available record or any other valid record or information that the taxable person ought to have been assessed other than under the Presumptive Tax Regime, such taxable person shall be assessed as appropriate.