(1) All licensees shall contribute to the USP Fund except for those licensees whose total net revenue for the previous calendar year derived from the designated services is less than the minimum revenue threshold.

 

[Subs. P.U.(A) 402/2003]

 

(2) A licensee who is required to make contribution under subregulation (1) shall contribute six per cent of its weighted net revenue annually to the USP Fund, unless the Commission with the approval of the Minister, by notice in writing, decides to reduce the contribution to the USP Fund.

 

[Subs. P.U.(A) 402/2003]

 

(2A) For the purpose of reducing the contribution to the USP Fund, the Commission may make an assessment from time to time of the USP Fund required to fulfill the universal service objectives by taking into consideration the economic performance of the industry, the amount of moneys available in the USP Fund and such other matters as the Commission deems fit and necessary.

 

[Ins. P.U.(A) 402/2003]

 

(3) The payment of the contribution referred to in subregulation (1) shall be made in—

 

(a) one lump sum payment, not later than thirty days from the date of notification of acceptance of return under subregulation 31(1); or

 

(b) two equal instalments—

 

(i) the first instalment, not later than thirty days from the date of notification of acceptance of return under subregulation 31(1); and

 

(ii) the second instalment, not later than six months from the date of the notification of acceptance of return under subregulation 31(1).

 

(4) The weighted net revenue is derived in accordance with the calculation as specified in Table B of the Schedule.

 

(5) A licensee who fails to make payment of the contribution in accordance with this regulation, commits an offence under these Regulations.