1964_ESTATE_DUTY_ORDINANCE — Page 32

1983 Ed.]

Estate Duty

[CAP. 111

(16) The Commissioner may remit the interest payable on estate duty where the amount of such interest is in his opinion so small as not to repay the expense and labour of calculation and account.

(17) Every person or company who without lawful authority or reasonable cause fails to comply with any of the provisions of this section shall be liable to pay to the Commissioner, in addition to the estate duty (if any)-

(a) a penalty of $1,000 or, in the case of such a company as is referred to in subsection (9) or an officer or auditor of such a company, $5,000; or

(b) a penalty equal to the amount of the estate duty (if any) at the rate set out in the applicable Schedule remaining unpaid for which he or the company is accountable,

according as the Commissioner elects. (Replaced, 29 of 1970, s. 4}

14A. (1) If the Commissioner is satisfied-

(a) that an executor has, to the best of his knowledge and belief, disclosed in such manner as the Commissioner may determine-

(i) all of the property belonging to a deceased; and

(ii) all of the property held by the deceased as trustee for another person;

(b) that the principal value of the property belonging to the

deceased does not exceed $400,000; and

(c) that no estate duty is payable on the death of the deceased,

the Commissioner may, subject to any conditions which he may specify, exempt the executor from section 14(6).

(2) Where the Commissioner exempts any executor under subsection (1) he shall issue to the executor a certificate of exemp- tion in such form as he may determine.

(3) If, at any time after he has issued to an executor a certificate of exemption under subsection (2), the Commissioner has reasonable grounds for believing-

(a) that the principal value of the property belonging to the

deceased exceeds $400,000; or

(b) that estate duty is payable on the death of the deceased,

the Commissioner may withdraw the exemption granted to the executor under subsection (1) and cancel the certificate of exemp- tion, whereupon this Ordinance shall apply as if the exemption had not been granted.

(Added, 21 of 1972, s. 5. Amended, 29 of 1981, s. 5)

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power to remit interest on estate duty;

penalties for non-compliance with this section.

Exemption of executors of small estates.