154
CAP. 112]
Inland Revenue
[1989 Ed.
(b) the Commissioner shall, when he issues a certificate so purchased, note on it particulars sufficient to identify the objection or appeal to which it relates;
(c) upon the withdrawal or final determination of the objection or appeal a certificate or part of a certificate so purchased shall be accepted by the Commissioner in payment of so much of the tax held over as becomes or is found to become payable, and no interest shall be payable upon any certificate or part of a certificate so accepted;
(d) where, upon the final determination of the objection or appeal, and after all tax held over which becomes, or is found to be, payable has been paid in the manner specified in paragraph (c), any certificate or part of a certificate so purchased has not been accepted as payment by the Commissioner under paragraph (c), the holder thereof may surrender that certificate or part to the Commissioner and--
(i) if 36 months or less since the date of purchase of the certificate has elapsed, at his option require the Commissioner to-
(A) issue a new certificate in the place of the old certificate or part of the old certificate bearing the same date of issue and rate of interest as that old certificate; or (B) repay the principal value represented by the certificate or part together with the interest thereon at the rate prescribed by the rules from the date of issue of the certificate to the date of the final determination of the objection or appeal; or
(ii) if more than 36 months since the date of purchase of the certificate has elapsed, the Commissioner shall repay to the holder the principal value represented by the certificate or part together with interest thereon, at the rate prescribed by the rules, from the date of issue of the certificate to the date of the final determination of the objection or appeal; and
(e) no certificate so purchased shall be valid for any purpose except as specified in the preceding paragraphs. (Added 7 of 1985 s. 2)
(8) The provisions of subsection (7) shall apply notwithstanding anything to the contrary in the rules relating to such certificates made under the Tax Reserve Certificates Ordinance (Cap. 289) and any reference to the rules relating to such certificates in that subsection shall refer to the rules so made. (Added 7 of 1985 s. 2)
(9) Where the Commissioner exercises his powers under the proviso to subsection (2) and a person is required to furnish a banker's undertaking under paragraph (b) of that proviso, the undertaking shall
Page 155
Page 156
154
CAP. 112]
Inland Revenue
[1989 Ed.
(b) the Commissioner shall, when he issues a certificate so purchased, note on it particulars sufficient to identify the objection or appeal to which it relates;
(c) upon the withdrawal or final determination of the objection or appeal a certificate or part of a certificate so purchased shall be accepted by the Commissioner in payment of so much of the tax held over as becomes or is found to become payable, and no interest shall be payable upon any certificate or part of a certificate so accepted;
(d) where, upon the final determination of the objection or appeal, and after all tax held over which becomes, or is found to be, payable has been paid in the manner specified in paragraph (c), any certificate or part of a certificate so purchased has not been accepted as payment by the Commissioner under paragraph (c), the holder thereof may surrender that certificate or part to the Commissioner and--
(i) if 36 months or less since the date of purchase of the certificate has elapsed, at his option require the Com- missioner to-
(A) issue a new certificate in the place of the old certificate or part of the old certificate bearing the same date of issue and rate of interest as that old certificate; or (B) repay the principal value represented by the certificate or part together with the interest thereon at the rate prescribed by the rules from the date of issue of the certificate to the date of the final determination of the objection or appeal; or
(ii) if more than 36 months since the date of purchase of the certificate has elapsed, the Commissioner shall repay to the holder the principal value represented by the certificate or part together with interest thereon, at the rate prescribed by the rules, from the date of issue of the certificate to the date of the final determination of the objection or appeal; and
(e) no certificate so purchased shall be valid for any purpose except
as specified in the preceding paragraphs. (Added 7 of 1985 s. 2) (8) The provisions of subsection (7) shall apply notwithstanding anything to the contrary in the rules relating to such certificates made under the Tax Reserve Certificates Ordinance (Cap. 289) and any reference to the rules relating to such certificates in that subsection shall refer to the rules so made. (Added 7 of 1985 s. 2)
(9) Where the Commissioner exercises his powers under the proviso to subsection (2) and a person is required to furnish a banker's undertaking under paragraph (b) of that proviso, the undertaking shall
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