CHAPTER 75:01 - Inland Revenue Division

Corporation Tax Act Mac 1
Vol. 1
24. (1) If for the purposes of this Part the Board authorises any public officer
to inspect any property for the purpose of ascertaining its market value the
person having the custody or possession of that property shall permit the
officer so authorised to inspect it at all reasonable times.
Valuation
(2) If any person willfully delays or obstructs the officer acting in
pursuance of this paragraph he shall be liable on summary conviction to a
fine of fifteen hundred dollars.
25. In a bankruptcy, corporation tax shall have the same priority as income
tax.
Priority of tax in bankruptcy
26. (1) Notwithstanding any written law to the contrary, where under any written
law conferring exemption from income tax or corporation tax with respect
to distributions or payments of interest made to members of a company
that is exempt from income tax or corporation tax, the period during
which such company may distribute profits that are exempt from tax is
limited, such company may nevertheless distribute the exempt profits at
any time thereafter and every such sum when so distributed is exempt
from the payment of income tax or corporation tax in the hands of such
members, if a special account showing the distribution and payments of
interest made by the exempt company is maintained by the company to the
satisfaction of the Board of Inland Revenue.
General as to exemption
(2) Where by any written law conferring exemptions from income tax or
corporation tax with respect to the distributions or payments of interest
made to members of a company that is itself exempt from tax, a member
of such a company is another company, then that other company is entitled
at any time to distribute a sum equal to the exempt distributions or
payments of interest received by it to its members, and every such sum
when so distributed is exempt from the payment of income tax or
corporation tax in the hands of such members, if a special account
showing the distribution and payments of interest received from the
exempt company is maintained by the other company to the satisfaction of
the Board of Inland Revenue.
BIR Mac Edition 91/01 Page 222