Calculation of returns
8.—(1) Where a person is required by Regulations made under the Act to furnish a return to the Controller, the amounts to be entered on that return shall be determined in accordance with this regulation.
(2) In the box opposite the legend “VAT due in this period on sales and other outputs” shall be entered the aggregate of all the entries in the tax payable portion of that part of the value added tax account which relates to the prescribed accounting period for which the return is furnished.
(3) In the box opposite the legend “VAT reclaimed in this period on purchases and other inputs” shall be entered the aggregate of all the entries in the tax allowable portion of that part of the value added tax account which relates to the prescribed accounting period for which the return is furnished.
(4) Where any correction has been made and a return calculated in accordance with these Regulations then any such return shall be regarded as correcting any earlier returns to which regulation 5 applies.