CHAPTER 75:01 - Inland Revenue Division

Corporation Tax Act Mac 1
Vol. 1
108 (2A) The President may, by order subject to a negative resolution of
Parliament, amend subsection (2) (d) by exempting other public utilities
from the business levy; Finance Act (No. 2) 1993
109 (3) A company is entitled to a tax credit against its business levy
liability for a year of income of any payment made in respect of its
corporation tax liability for that year of income up to a maximum of its
business levy liability. Amended/Deleted by Finance Act 5 of 1995
(4) Finance Act, 1995
(5) The business levy shall be payable on the gross sales or receipts of
each quarter ending on 31st March, 30th June, 30th September and 31st
December, in each year of income and the provisions of section 79 of the
Income Tax Act shall apply mutatis mutandis to this subsection.
(6) Where the Board is satisfied that a company is unable to determine, by
the due date for payment in any quarter, the gross sales or receipts for any
day in that quarter, the company may, with the approval of the Board,
estimate its gross sales or receipts for that day. Act 3 of 1994
(7) Where a company which estimates its gross sales or receipts for any
day in a quarter, determines that its actual sales or receipts for that day are
more than the estimated sales or receipts, that company shall pay the
business levy due on the difference between the actual sales or receipts
and the estimated sales or receipts, no later than the last day of the quarter
following the quarter in which the sales or receipts were estimated. Act 3 of 1994
(8) Where a company to which subsection (6) applies, pays business levy
in any quarter amounting to less than ninety per cent of the business levy
liability for that quarter, the difference between ninety per cent of the
business levy liability and the amount paid by the end of the quarter in
which the levy liability arose, shall be subject to interest from the day
following the end of that quarter to the date of payment at the rate of
fifteen per cent per annum. Act 3 of 1994
110 (9) For the removal of doubt, it is hereby declared that in ascertaining the
chargeable profits of a company, no deduction or allowance shall be made
of, or on account of, the levy imposed by this section.
108 BIR Note: Effective 1st January, 1993
109 BIR Note: Changes to subsection (3) and (4) effective 29th March, 1995
* Effective 1 st January 1999
110 BIR Note: Effective 1st January, 1993
* Effective 1 st January 1999
BIR Mac Edition 91/01 Page 186