Income Tax Act, 1967.

Interest on overdue tax.

550.—(1) Subject to the provisions of this section and sections 551 and 552, any tax charged by any assessment to income tax or to sur-tax shall carry interest at the rate of one half per cent. for each month or part of a month from the date when the tax becomes due and payable until payment.

(2) Where any tax is paid not later than three months from the date on which it becomes due and payable, the interest thereon under this section shall be remitted.

(3) Interest shall not be payable under this section on the tax charged by any assessment unless the total amount of the interest is not less than £1.

(4) The interest payable under this section—

(a) shall be payable without any deduction of income tax and shall not be allowed as a deduction in computing any income, profits or losses for any of the purposes of this Act, and

(b) shall be deemed to be a debt due to the Minister for Finance for the benefit of the Central Fund and shall be payable to the Revenue Commissioners,

and, subject to subsection (5), the provisions of every enactment relating to the recovery of any tax charged by an assessment and the provisions of every rule of court so relating shall apply to the recovery of any amount of interest payable on that tax as if the said amount of interest were a part of that tax.

(5) In proceedings instituted by virtue of subsection (4)—

(a) a certificate by the Collector certifying that a stated amount of interest is due and payable by the person against whom the proceedings were instituted shall be evidence until the contrary is proved that that amount is so due and payable, and

(b) a certificate certifying as aforesaid and purporting to be signed by the Collector may be tendered in evidence without proof and shall be deemed until the contrary is proved to have been signed by the Collector.