38 The percentage referred to in subsection (1) shall be . (3) set at a level intended to cover the Telecommunications Commission’s budgeted costs (including without limitation provision for legal and other costs as contemplated in section15) of all of its activities other than those set out in section19. The percentage referred to in subsection (1) shall, if (4) necessary, be adjusted each year to meet the requirements of the budget programme of the Telecommunications Commission for the following year taking into account any balance retained in the Telecommunication Commission Special Fund at the close of the previous financial year pursuant to section 17(8) and as reflected in the audited and approved accounts of the Telecommunications Commission. During the financial year, the licensee shall pay four (5) provisional instalments towards its annual licence fee, each payable— (a) (b) within twenty-eight days after the end of each of the licensee’s financial quarters; and in an amount equal to one fourth of the licensee’s annual licence fee for its previous financial reporting year. Ifafter finalising its audited financial statements for a (6) financial reporting year the sum of instalments paid under subsection (5) and any amount paid under subsection (7) for that year— (a) is less than the annual licence fee payable for such year, the licensee shall within twentyeight days of finalising such audited financial statements pay the amount required to pay for the balance required to meet the total annual licence fee payable in respect of such financial reporting year; or (b) exceeds the annual licence fee payable for such year, a credit in an amount equal to such excess shall apply towards the licensee’s fee in the following year, applied against the first instalment, and if required, any subsequent instalment.