Corporation Tax Act, 1976
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Collection of corporation tax. |
145.—(1) The Collector-General shall collect and levy the tax from time to time charged on all assessments to corporation tax of which particulars have been transmitted to him under section 187 (1) of the Income Tax Act, 1967 , as applied for the purposes of corporation tax by section 147. | |
(2) All such powers as are exercisable with respect to the collecting and levying of sums of income tax under Schedule D of the Income Tax Act, 1967 , of which particulars are transmitted under section 187 (1) of that Act shall extend with respect to sums of corporation tax of which particulars are transmitted under that section as applied by section 147. | ||
(3) Section 550 of the Income Tax Act, 1967 (interest on overdue tax), shall apply for the purposes of corporation tax as it applies for the purposes of income tax subject to the inclusion in subsection (1) thereof of a reference to section 6 (4) (general scheme of corporation tax) of this Act for the reference to section 477 of the Income Tax Act, 1967 (time for payment of tax), and section 28 of the Finance Act, 1975 (interest on unpaid taxes), shall apply to interest which, under the said section 550 as applied by this section, is chargeable in respect of corporation tax. | ||
(4) (a) In this subsection “neglect” has the same meaning as in section 144 (5) (d). | ||
(b) Where, for any accounting period, an assessment is made for the purpose of recovering an undercharge to corporation tax which is attributable to the fraud or neglect of any person, the amount of tax undercharged shall carry interest at the rate of 1·5 per cent. for each month or part of a month from the date or dates on which the tax undercharged for that accounting period would have been payable, if it had been included in an assessment made on the expiration of six months from the end of that accounting period, to the date of payment of the tax undercharged. | ||
(c) Subject to paragraph (e), section 550 (1) (2) of the Income Tax Act, 1967 , shall not apply to tax carrying interest under this subsection. | ||
(d) Subsections (3), (4) and (5) of section 550 of the Income Tax Act, 1967 , shall apply to interest chargeable under this subsection as they apply to interest chargeable under the said section 550. | ||
(e) Where an assessment of the kind referred to in paragraph (b) is made— | ||
(i) the inspector concerned shall give notice to the person assessed that the tax charged by the assessment will carry interest under this subsection, | ||
(ii) the person assessed may appeal against the assessment on the ground that interest should not be charged under this subsection, and the provisions of this Act relating to appeals against assessments shall apply and have effect in relation to the appeal as they apply in relation to those appeals with any necessary modifications, and | ||
(iii) if, on the appeal, it is determined that the tax charged by the assessment should not carry interest under this subsection, section 550 (1) (2) of the Income Tax Act, 1967 , shall apply to that tax as it applies to tax charged by an assessment to income tax. | ||
(5) The priority attaching to assessed taxes under sections 98 and 285 of the Companies Act, 1963 , shall apply to corporation tax. |