Inland Revenue.
[CAP. 112
include
72. In the succeeding sections of this Part, "tax" includes any sum or sums added under subsection (5) of section 71 by reason of default, together with any fines, penalties, fees, or costs incurred.
[73]
first charge.
73. (1) Save as provided in subsection (2), tax in default shall be a first charge upon all the assets of the defaulter: Provided that-
(a) such charge shall not extend to or affect any assets sold by the defaulter to a bona fide purchaser for value prior to the seizure of the same in accordance with the provisions of section 74;
(b) as regards immovable property, the tax shall not rank in priority to any lease or encumbrance created bona fide for value and registered prior to the date of such seizure; and
(c) as regards movable property, where tax for more than one year of assessment is in default, the tax for one year only, to be selected by the Commissioner, shall rank in priority to any lien or encumbrance created bona fide for value prior to the date of default.
(2) A receiver shall pay out of the assets under his control the tax charged or chargeable for one complete year of assessment prior to the date of the insolvency, bankruptcy, or liquidation, to be selected by the Commissioner, as a first charge on such assets and any other tax charged or chargeable for periods prior to such date shall be an unsecured debt: Provided that where the receiver proves to the satisfaction of the Commissioner that any tax to which this subsection applies is excessive, the Commissioner may, notwithstanding the provisions of section 70, review the assessment in respect of which the tax is charged and make such adjustment as he may in his discretion think reasonable.
[74]
74. (1) The Commissioner may appoint persons to be collectors.
(2) (a) Where any tax is in default, the Commissioner may issue a certificate to any collector or bailiff containing particulars of such tax and the name of the defaulter, and the officer to whom such certificate
of tax by seizure and sale.
349
:
Inland Revenue.
[CAP. 112
include
72. In the succeeding sections of this Part, "tax" Tax to includes any sum or sums added under subsection (5) of fines, etc. section 71 by reason of default, together with any fines, penalties, fees, or costs incurred.
[73]
first charge.
73. (1) Save as provided in subsection (2), tax in Tax to be a default shall be a first charge upon all the assets of the defaulter: Provided that-
(a) such charge shall not extend to or affect any assets sold by the defaulter to a bona fide purchaser for value prior to the seizure of the same in accordance with the provisions of section 74;
(b) as regards immovable property, the tax shall not rank in priority to any lease or encumbrance created bona fide for value and registered prior to the date of such seizure; and
(c) as regards movable property, where tax for more. than one year of assessment is in default, the tax for one year only, to be selected by the Commissioner, shall rank in priority to any lien or encumbrance created bona fide for value prior to the date of default.
(2) A receiver shall pay out of the assets under his control the tax charged or chargeable for one complete year of assessment prior to the date of the insolvency, bankruptcy, or liquidation, to be selected by the Commissioner, as a first charge on such assets and any other tax charged or chargeable for periods prior to such date shall be an unsecured debt: Provided that where the receiver proves to the satisfaction of the Commissioner that any tax to which this subsection applies is excessive, the Commissioner may, notwithstanding the provisions of section 70, review the assessment in respect of which the tax is charged and make such adjustment as he may in his discretion think reasonable.
[74]
74. (1) The Commissioner may appoint persons to be Recovery
collectors.
(2) (a) Where any tax is in default, the Commissioner may issue a certificate to any collector or bailiff containing particulars of such tax and the name of the defaulter, and the officer to whom such certificate
of tax by seizure and sale.
349
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