ASSETS TAX (SPECIFIED BODIES) ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Annual declaration of assets

   3A   Minister may amend rate of tax by order

   4   Objections to assessments

   5   Appeals

   6   Enforcing payment of tax

   7   Application of Tax Collection Act

   8   Duty to regard declarations, documents, etc as secret and to make declaration

   9   Amendment of other Acts and enactments

   10   Transitional

      SCHEDULES

 

THE ASSETS TAX (SPECIFIED BODIES) ACT

[Date of Commencement: 2nd January, 2003]

Acts
33 of 2002,
31 of 2005.

LNs
60 of 2002,
671A/2004.

1   Short title

   This Act may be cited as the Assets Tax (Specified Bodies) Act.

2   Interpretation

   In this Act, unless the context otherwise requires-

   "Commissioner" means the Commissioner of Inland Revenue;

   "specified body" means-

   (a)   a company within the meaning of the Companies Act other than a company in respect of which a licence has been granted pursuant to section 20 of that Act by the Minister responsible for the administration of companies;

   (b)   a society registered under the Industrial and Provident Societies Act;

   (c)   such other body as may be prescribed by order subject to negative resolution.

3   Annual declaration of assets

   (1) Subject to the provisions of this section and sections 4 and 5, every specified body shall make and submit to the Commissioner an annual declaration of the value of its assets and shall in relation thereto pay the tax prescribed in the First Schedule.

(2) The declaration required by subsection (1) shall-

   (a)   subject to subsection (3), be submitted on or before the 1st day of September in each year (hereinafter referred to as the relevant date);

   (b)   be in such form and accompanied by such documents as the Commissioner may prescribe by notice published in the Gazette;

   (c)   subject to subsection (3), be based upon the value of assets of the specified body as indicated by the balance sheet and profit and loss account as relates to the assessment of income tax for the year of assessment immediately prior to the relevant date or the date authorised pursuant to subsection (3).

   (3) The Commissioner may, on the application of any specified body, allow the body to submit its declaration for any year specified in the application, on or before such date as the Commissioner may authorise in writing.

   (4) The Commissioner may act in accordance with subsection (5) if he is satisfied that-

   (a)   any specified body is not carrying on any business which would necessitate the preparation of a balance sheet or profit and loss account; or

   (b)   having regard to the date on which a specified body started operations, a balance sheet and profit and loss account referred to in subsection (2)(c) are not available.

   (5) Subject to subsection (6), the Commissioner may in writing authorise the body-

   (a)   to base its declaration for the purposes of this section on an estimate of the value of its assets at the end of the year preceding that in respect of which the declaration is required and pay the prescribed tax; or

   (b)   to submit a declaration that, by reason of the absence of assets at the end of the preceding year, a valuation cannot be made as required by this section.

   (6) An authorisation referred to in subsection (5) may be subject to a requirement that, the estimate or declaration, as the case may be, shall be verified at such later time as the Commissioner may specify in such manner and by reference to such documents as may be so specified.

   (7) Where any specified body fails to furnish to the Commissioner any declaration or the prescribed tax in accordance with this section, he may issue the prescribed notice to the specified body requiring that body to submit the declaration and pay the tax within the period specified in the notice.

{akeebasubs !jamaica law}

 

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