1964_INLAND_REVENUE_ORDINANCE — Page 140

1989 Ed.]

Inland Revenue

ĮCAP. 112

139

(a) the determination of the objection or settlement thereof under

section 64(3); or

(b) he is required to pay profits tax for that year of assessment, whichever is the sooner.

(2) The grounds referred to in subsection (1) are-

(a) that the assessable profits for the year of assessment of the person assessed to provisional profits tax are, or are likely to be, less than 90% of the assessable profits for the year preceding the year of assessment or of the estimated sum in respect of which the person is liable to pay provisional profits tax;

(b) that the amount of any loss brought forward for set off to that year of assessment under section 19 or 19C has been omitted or is incorrect;

(c) that the person assessed to provisional profits tax has ceased, or will before the end of the year of assessment cease, to carry on his trade, profession or business and that the assessable profits to be assessed under section 18D for that year of assessment are, or are likely to be, less than the assessable profits for the year preceding the year of assessment or of the estimated sum in respect of which the person is liable to pay provisional profits tax;

(d) that the person assessed to provisional profits tax has elected or is deemed to have elected to be personally assessed under Part VII for that year of assessment and that such personal assessment is likely to reduce his liability to tax; or

(e) that the person assessed to provisional profits tax has objected under section 64 to his assessment to profits tax for the year preceding the year of assessment.

(3) On receipt of an application under subsection (1), the Commissioner shall consider the same and may hold over the payment of the whole or part of the provisional profits tax.

(4) The Commissioner shall, by notice in writing, inform the person applying under subsection (1) of his decision.

(Added 7 of 1975 s. 40)

63K. Provisional profits tax to be

applied against profits tax

When any person has paid provisional profits tax in respect of any year of assessment, the Commissioner shall, not later than when he gives notice of assessment of profits tax, apply the amount of provisional profits tax so paid in payment first of

(a) the profits tax payable by that person for that year of assessment;

then

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