CHAPTER 75:01 - Inland Revenue Division

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Corporation Tax Act Mac 1 Vol. 1 (3) For the purposes of sub-paragraphs (1) and (2) any sum repaid to an approved mortgage company by the mortgagors who entered into mortgages or the borrowers who entered into loan agreements after the issue of those debentures shall, after deduction of any interest paid on those debentures, be debited against the debenture holders account until the sums so repaid to the approved mortgage company equal the principal sum secured by the debentures and thereafter the debentures shall be deemed to have been repaid. Amended by Act No.18 of 1989 (4) Notwithstanding the provisions of this paragraph that relate to the period during which the interest paid to debenture holders is exempt from tax, the Minister may, if he thinks fit, in the instrument mentioned in paragraph 1(2), make other provisions with respect to that period, and those provisions when so made apply to the approved mortgage company. 4A. (1) Where the income of the Home Mortgage Bank is exempt from corporation tax under paragraph 1(1) by reason of paragraph 1A(1), any interest payable by the Home Mortgage Bank on debenture borrowings by the Home Mortgage Bank for the purpose of financing the purchase of mortgage loans from approved mortgage companies is, subject to subparagraphs (2) and (3), exempt from income or corporation tax in the hands of the debenture holders of the Home Mortgage Bank, if the interest so paid is derived from income of the Home Mortgage Bank exempt under paragraph 1(1) by reason of paragraph 1A(1). Amended by Act No.18 of 1989 (2) The period during which the interest paid to debenture holders is exempt from tax under subparagraph (1) is a period commencing on the date when the principal sums are paid for the debentures and ending two years after the date on which the principal sums secured are deemed repaid under subparagraph (3). (3) For the purposes of sub-paragraphs (1) and (2), any sum repaid to the Home Mortgage Bank by the mortgagors under mortgage loans sold to the Home Mortgage Bank by approved mortgage companies after the issue of the debentures referred to in subparagraph (2), shall, after deduction of any interest paid on those debentures, be debited against the debenture holders account until the sums so repaid to the Home Mortgage Bank equal the principal sum secured by the debentures and thereafter the debentures shall be deemed to have been repaid. (4) Notwithstanding the provisions of this paragraph that relate to the period during which the interest paid to debenture holders is exempt from tax, the Government may, in the agreement mentioned in paragraph 1A(1), make other provisions with respect to that period, and those provisions when so made apply to the Home Mortgage Bank. BIR Mac Edition 91/<strong>01</strong> Page 240
Corporation Tax Act Mac 1 Vol. 1 5. For the purpose of claiming the exemption granted in accordance with section 42 of the Income Tax Act, an approved mortgage company and a company within the meaning of paragraph 3, may apply to the Minister for a certificate in the form prescribed under section 46 of the Income Tax Act. 6. In this Schedule - “Home Mortgage Bank” means the Home Mortgage Bank established by the Home Mortgage Bank Act; and Act No. 12 of 1985 Amended by Act No.18 of 1989 "Minister" means the Minister responsible for Housing. BIR Mac Edition 91/<strong>01</strong> Page 241
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(a) has been in existence for a per
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BIR Mac Edition 91/01 Page 313
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CHAPTER 75:01 - Inland Revenue Division

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