29. Input tax deemed incurred in relation to insurance cash payments

that where the premium payable to an insurer under any contract of insurance is subject to tax at a rate specified under section 16, the insurer is deemed to have incurred input tax on any cash payment made by the insurer upon the occurrence of an insured event and which is obligatory under that contract of insurance (called in this section deemed input tax), except in such situation as the Minister may decide otherwise for the protection of revenue;

that any regulations made under paragraph (a) apply only where the contract of insurance is taken out by such person as may be prescribed;

for the determination of the amount of deemed input tax referred to in paragraph (a) and the period in which the deemed input tax is deemed to have been incurred;

for the adjustment of the amount of deemed input tax referred to in paragraph (a) where, after any cash payment referred to in that paragraph has been made, the insurer recovers such payment or any part thereof from any person (other than the insurer’s re‑insurer under a re‑insurance contract);

for the determination of the amount of the adjustment referred to in paragraph (d), and the period in which such adjustment is to be made; and

for such incidental and supplementary matters as appear to the Minister necessary or expedient.