Section 53E: Adjustment of levy

53E. Adjustment of levy (1) Where no levy is payable by an operator in a financial year by virtue of section 53D and at the end of the financial year, it is found that his profit before tax in respect of the accounting year immediately preceding the end of the financial year exceeds 5 per cent of his turnover for that accounting year, the operator shall pay to the Director-General the total levy in respect of that financial year within such time as may be prescribed. (2) Where levy is payable by an operator during a financial year and it is found that— (a) the operator had incurred a loss; or (b) the profit of the operator before tax does not exceed 5 per cent of his turnover, in respect of the accounting year immediately preceding the end of the financial year, the levy paid during that financial year shall be refunded to the operator within such time as may be prescribed.