Finance Act, 1989

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Amendment of section 41 (payment of tax and interest on tax) of Principal Act.

76.—(1) Section 41 of the Principal Act is hereby amended by the substitution for subsection (3) of the following subsection:

“(3) Notwithstanding the provisions of subsection (2), interest shall not be payable on tax which is paid within three months of the valuation date, and where tax and interest, if any, thereon is paid within thirty days of the date of assessment thereof, interest shall not run on that tax for the period of thirty days from the date of the assessment or any part of that period:

Provided that, in relation to an assessment of tax made by an accountable person on a return delivered by him, interest shall not be payable on tax which is paid within four months of the valuation date.”.

(2) A payment by an accountable person of tax shall be treated as a payment on account of tax for the purposes of section 41 of the Principal Act, notwithstanding that the payment may be conditional or that the assessment of tax is incorrect.