Section 16: Effect of increase of duty or reduction (As amended)

(1)
Where, in accordance with the provisions of this Act or any other enactment, any new customs import duty is imposed or any customs import duty is increased and any goods in respect of which the duty is payable are delivered on or after the day on which the new increased duty takes effect in pursuance of a contract made before that day, the seller of the goods may, in the absence of any agreement to the contrary, recover, as an addition to the contract price, a sum equal to any amount paid to him in respect of the goods on account of the new duty or the increase of duty, as the case may be.
(2)
Where, in accordance with the provisions of this Act or any other enactment, any customs import duty is reduced or removed and any goods affected by the duty are delivered on or after the day on which the reduction in the duty takes effect or the duty ceases in pursuance of a contract made before that day, the purchaser of the goods, in the absence of any agreement to the contrary may, if the seller of the goods has had in respect of those goods the benefit of the reduction or removal of the duty, deduct from the contract price a sum equal to the amount of the reduction of the duty or the amount of the duty, as the case may be.
(3)
Where the contract price has been or is to be adjusted in accordance with this section and any repayment is made to the seller under section 15 of this Act, the seller shall allow the benefit of such payment to the buyer.