Finance (Local Property Tax) Act 2012
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Interest on overdue tax. |
149.— (1) Subject to subsection (4), any local property tax payable by— | |
(a) a liable person, or | ||
(b) a person who is directed by the Revenue Commissioners to deduct local property tax under Chapter 1 , 2 or 3 , as the case may be, of Part 10 , | ||
shall carry interest from— | ||
(i) the date on which the tax is payable, or | ||
(ii) the last day of the period within which the tax is payable, | ||
until payment and the amount of that interest shall be determined in accordance with subsection (2). | ||
(2) The interest referred to in subsection (1) shall be determined by using the following formula: | ||
T x D x R | ||
where— | ||
T is the local property tax payable which remains unpaid, | ||
D is the number of days (including part of a day) in the period during which the local property tax remains unpaid, and | ||
R is the rate of 0.0219 per cent. | ||
(3) The interest payable under this section— | ||
(a) shall not be allowed as a deduction in computing any income, profits or losses for any of the purposes of the Tax Acts, | ||
(b) may be collected and recovered in like manner as an amount of local property tax, | ||
(c) shall be payable to the Collector-General, and | ||
(d) shall be deemed to be a debt due to the Minister for the benefit of the Central Fund. | ||
(4) Where a liable person— | ||
(a) elects for a method of payment in a return, and | ||
(b) pays the amount of local property tax in the self-assessment in the return in accordance with that method, | ||
interest shall not be charged. |