(1) The Commissioner-General may cancel a registration pursuant to an application made in the prescribed form, where

(a) the Commissioner-General is satisfied that the registered taxpayer

(i) did not meet the registration threshold during the twelve month period immediately before the application was made, or

(ii) will not meet the threshold during the twelve month period following the date of the application; and

(b) a minimum period of two years has elapsed since the effective date of the registration.

(2) Subregulation (1) does not apply to

(a) an auctioneer;

(b) the Government; or