CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
(3) Nothing in subsections (1) and (2) shall be construed as permitting adjustments
to be made that would not otherwise have fallen to have been
made if this section had not been enacted.
129. Notwithstanding that any assessment has been made upon any person before
the Income Tax (Amendment) Act 1963 was passed in respect of his
chargeable income for what would have been the year of assessment 1963
had that Act not been passed, the provisions of this Act shall have effect in
relation to that income and the Board may refund the amount paid, if any,
in respect of the tax discharged by this Act, or instead of making a refund,
may, where the person is liable or about to become liable to make a
payment under this Act for the year of income 1963 apply any part of that
amount to that other liability and refund any balance to such person and
notify such person of that action. Assessments already made for 1963
MISCELLANEOUS POWERS OF THE BOARD
130. (1) Subject to subsections (2) and (3), every person carrying on a trade or
business either on his own behalf or who, in the ordinary course of the operations
thereof, receives or retains money in such circumstances that
interest becomes payable thereon which is paid or credited, and in
particular, every person carrying on the trade or business of banking shall,
if required to do so by notice from the Board, make and deliver to the
Board within the time specified in the notice, a return of all interest paid or
credited by him as aforesaid during a year specified in the notice in the
course of his trade or business or any such part of his trade or business as
may be so specified, giving the names and addresses of the persons to
whom the interest was paid or credited and stating in each case, the
amount of interest.
Power to obtain information as to interest paid or credited without deduction of tax
98 (1A) Every person required by subsection (1) to make a return in accordance
with that subsection shall obtain from a person to whom is paid or
credited interest in the sum of two hundred and fifty dollars or to whom
interest becomes payable in respect of a deposit exceeding ten thousand
dollars (in this section referred to as "depositor to whom this section
applies") the Board of Inland Revenue file number of such person and
shall enter such file number in the return made and delivered under the
subsection. Act No.14 of 1987
(1B) A depositor to whom this section applies shall, at the request of a
person required by subsection (1) to make a return in accordance with the
provisions of that subsection supply his Board of Inland Revenue file
number to such person. Act No.14 of 1987
98 BIR Note: Effective 1st January 1987.
BIR Mac Edition 91/01 Page 137