Income Tax Act, 1967.

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PART XXXVI

Sur-Tax, Sur-Tax on Undistributed Income of Certain Companies and Deduction of Sur-Tax from Emoluments

Chapter I

Sur-Tax

Charge to sur-tax.

522.—(1) In addition to the income tax charged at the rate prescribed for any year there shall be charged, levied, and paid for that year in respect of the income of any individual, the total of which from all sources exceeds the prescribed amount, an additional duty of income tax (in this Act referred to as sur-tax) at the rate or rates prescribed for that year.

In this subsection “prescribed” means prescribed by the Oireachtas.

(2) Sur-tax shall be due and payable on the 1st day of January in the year of assessment, except that sur-tax or any part of sur-tax included in an assessment which is made on or after the said 1st day of January shall be deemed to be due and payable on the day next after the day on which the assessment is made.