47 Exit Rules under Presumptive Income Tax Regulation

(1) The Service shall encourage Taxable Persons to keep some Form of Records for the purpose of determining their Income, in order to exit from the Presumptive Income Tax Regime and be assessed under the Personal Income Tax Act;

(2) A Taxable Person under the Presumptive Income Tax Regime may voluntarily exit and file the requisite Tax Returns and be assessed accordingly under the Revenue Code.

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