1989 Ed.]
Inland Revenue
[CAP. 112
155
(a) be in a form acceptable to the Commissioner;
(b) be furnished to the Commissioner within a period of 14 days from the date of the order of the Commissioner, or on or before the date for the payment of the tax specified in the notice of assessment, whichever is the later;
(c) be given by a bank (as defined in the Banking Ordinance (Cap. 155));
(d) not be revocable without the consent of the Commissioner;
(e) be expressed to be an undertaking to pay-
(i) an amount equal to the tax or any part thereof the payment of which is held over; and
(ii) interest on that amount, from the date for the payment of the tax specified in the notice of assessment to the date of withdrawal or final determination of the objection or appeal, at the rate specified in subsection (11); and
(f) provide for payment to the Commissioner upon written notification to the bank by the Commissioner that the objection or appeal has been withdrawn or finally determined and that the amount, and interest, stated by him is now due,
and if such person fails to supply such an undertaking in such manner the provisions of subsection (2) shall apply as they would if there had been no order. (Added 7 of 1985 s. 2)
(10) Where the Commissioner makes an order under subsection (2) but does not exercise his powers under the proviso thereto, interest shall be payable on so much of the amount of the tax or any part thereof the payment of which is held over as becomes payable or is found to become payable upon the withdrawal or final determination of the objection or appeal, from the date for the payment of the tax specified in the notice of assessment or the date of the order, whichever is the later, to the date of withdrawal or final determination of the objection or appeal, at the rate specified in subsection (11). (Added 7 of 1985 s. 2)
(11) The rate of interest specified for the purposes of subsections (9)(e)(ii) and (10) shall be the rate fixed by the Chief Justice by notice in the Gazette under section 50 of the District Court Ordinance (Cap. 336). (Added 7 of 1985 s. 2)
72. Tax to include fines, etc.
In the succeeding sections of this Part, "tax" includes any sum or sums added under section 71(5) or (5A) by reason of default, together with any fines, penalties, fees, or costs incurred, and any interest payable under section 71(9)(e)(ii) or (10).
(Amended 23 of 1974 s. 5; 7 of 1985 s. 3)
1989 Ed.]
Inland Revenue
[CAP. 112
155
(a) be in a form acceptable to the Commissioner; (b) be furnished to the Commissioner within a period of 14 days from the date of the order of the Commissioner, or on or before
the date for the payment of the tax specified in the notice of assessment, whichever is the later;
(c) be given by a bank (as defined in the Banking Ordinance (Cap.
155));
(d) not be revocable without the consent of the Commissioner; (e) be expressed to be an undertaking to pay-
(i) an amount equal to the tax or any part thereof the payment
of which is held over; and
(ii) interest on that amount, from the date for the payment of the tax specified in the notice of assessment to the date of withdrawal or final determination of the objection or appeal, at the rate specified in subsection (11); and
(f) provide for payment to the Commissioner upon written notification to the bank by the Commissioner that the objection or appeal has been withdrawn or finally determined and that the amount, and interest, stated by him is now due,
and if such person fails to supply such an undertaking in such manner the provisions of subsection (2) shall apply as they would if there had been no order. (Added 7 of 1985 s. 2)
(10) Where the Commissioner makes an order under subsection (2) but does not exercise his powers under the proviso thereto, interest shall be payable on so much of the amount of the tax or any part thereof the payment of which is held over as becomes payable or is found to become payable upon the withdrawal or final determination of the objection or appeal, from the date for the payment of the tax specified in the notice of assessment or the date of the order, whichever is the later, to the date of withdrawal or final determination of the objection or appeal, at the rate specified in subsection (11). (Added 7 of 1985 s. 2)
(11) The rate of interest specified for the purposes of subsections (9)(e)(ii) and (10) shall be the rate fixed by the Chief Justice by notice in the Gazette under section 50 of the District Court Ordinance (Cap. 336). (Added 7 of 1985 s. 2)
72. Tax to include fines, etc.
In the succeeding sections of this Part, "tax" includes any sum or sums added under section 71(5) or (5A) by reason of default, together with any fines, penalties, fees, or costs incurred, and any interest payable under section 71(9)(e)(ii) or (10).
(Amended 23 of 1974 s. 5; 7 of 1985 s. 3)
No comments yet.
Private notes are available after approval.