CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
(i)
any amount so withheld or deducted shall be remitted to the
Board on the fifteenth day of the month following that in
which the tax was withheld or deducted, on account of the
payee’s tax for the year under this Act;
(ii) there shall be payable a penalty of one hundred per cent of the
tax owed for failure to remit to the Board by the fifteenth day
of the month following that in which the tax was deducted; and
* Effective 1 st January 2003
(iii) there shall be payable interest at a rate of twenty per cent a
year on that tax by the fifteenth day of the month following
that in which the tax was deducted.
(d) where an amount is deducted or withheld under this subsection
from any amount paid to a person as a benefit under an amended
plan, it shall be deemed, for all purposes of this Act, to have been
received at that time by the person to whom the benefit was paid.
(12) For the purposes of subsection (11) -
(a) a reference to an amount paid as a benefit under an amended plan
shall be deemed to include any amount paid under that amended
plan, otherwise than as a contribution or premium as the case may
be or an amount that would, by virtue of paragraph (f) or (k) of
subsection (1), as the case may be, be regarded as contribution or
premium if that amended plan were a pension fund plan or
deferred annuity plan; and
(b) an arrangement under which a right or obligation under an
approved pension fund plan or an approved deferred annuity plan
is released or extinguished either wholly or in part and either in
exchange or substitution for any other right or obligation, or
otherwise (other than an arrangement the sole object and legal
effect of which is to revise or amend the plan) or under which
payment of any amount by way of loan or otherwise is made on the
security of a right under an approved pension fund plan, or an
approved deferred annuity plan shall be deemed to be a new plan
substituted for that approved pension fund plan or approved
deferred annuity plan, as the case may be.
(13) Where any amount has been paid in a year of income as a
contribution or premium under a pension fund plan or a deferred annuity
plan that was, at the end of that year of income, an approved pension fund
BIR Mac Edition 91/01 Page 54