Commentary

A4.474 Alteration in the rate of tax

Administration and compliance

A4.474 Alteration in the rate of tax

A4.474 Alteration in the rate of tax

If in any year of assessment a resolution, having statutory effect under the Provisional Collection of Taxes Act 1968 (PCTA 1968), provides for the charging of income tax at a lower rate less than that charged for the previous year, any overdeduction of tax by a body corporate may be made good by a reduction of the amount of tax deducted from the next payment made after the passing of the Act imposing the tax for the year1. However, the retention of any part of the amount overdeducted for more than one year

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