Page:Inland Revenue Ordinance, 1947 (Cap. 112).pdf/21

A.D. 1947]

person in addition to any tax otherwise payable by him under this Ordinance. Where any such person fails to make a deduction which he is required to make under this section he shall nevertheless be deemed to have made the deduction.

31. Any person who deducts Interest Tax in accordance with the provisions of section 30 shall, at the request of the recipient, issue to him a Certificate in the prescribed form showing—
 * (i) the gross amount of the payment;
 * (ii) the amount of tax deducted;
 * (iii) the net amount paid or credited;
 * (iv) the period of accrual.

32. (1) Where the profits of any person which are liable to tax under the provisions of sections 15 and 16 include any sum from which a deduction has been made in accordance with section 30, he shall be entitled, on production of a Certificate issued in accordance with section 31, to a set off against the tax payable by him under the provisions of Chapter IV of the amount of the deduction shown on such Certificate: Provided that if the amount of the deduction should exceed the amount of Profits Tax, the excess shall be refunded in accordance with section 80.

(2) Where for any year of assessment a person is assessed to Profits Tax under the provisions of section 19 (5), the Commissioner may in addition to the relief due under paragraph (1) of this section grant such further relief as he may decide to be reasonable.

(3) The aggregate relief granted under this section in respect of any sum deducted by way of Interest Tax shall in no circumstances exceed the amount of such deduction.

33. Any person who has been deemed to have made a deduction from interest payable to another person under the provisions of section 30, may retain out of any assets of such other person coming into his possession or control, so much thereof as shall be sufficient to produce the amount of such deduction, and he shall be and is hereby indemnified against any person whomsoever in respect of his retention of such assets; and where no assets of such other persons come into his possession or control out of which he could retain the amount deducted, the amount of such deduction shall be a debt due to him from such other person.