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(1) For the purpose of this Act, a private or class ruling is issued where

(a) in the case of a private ruling, the Commissioner-General serves a written notice of the ruling on the applicant; and

(b) in the case of a class ruling, the Commissioner-General serves a written notice of the ruling on the applicant and makes the ruling publicly available.

(2) The Commissioner-General may base a private or class ruling on assumptions about a future event or other matters considered appropriate.

(3) The Commissioner-General shall, in issuing a private or class ruling,

(a) set out the matters ruled on, identifying the tax laws, periods and arrangements to which the ruling applies as well as any assumptions that affect the ruling;

(b) in the case of a private ruling, identify the applicant and the tax identification number of the applicant; and

(c) in the case of a class ruling, refrain from revealing the tax identification number of a person or the identity of class members or any other person referred to in the ruling except with the consent of the applicant.