133. Issuance of VAT clearance certificate.—

(1) A taxpayer may, on the prescribed terms and in the prescribed manner, make an application to the Commissioner for a VAT clearance certificate.

(2) The Commissioner may, in the prescribed manner, issue a VAT clearance certificate to such applicant if he is satisfied that—

(a) no tax is in arrear with, or payable by, such taxpayer; or

(b) a security deposit is furnished by the taxpayer for the payment of the tax.