Section 49
Amount in excess of 108 balance
Where the amount of tax discharged, remitted or refunded under section 46 of the Finance Act 2007 exceeds the 108 balance or revised 108 balance, as the case may be, the excess shall be a debt due from the company to the Government and that debt shall be due and payable on the last day of the seventh month (in this section referred to as “due date”) from the date following the close of the accounting period of the company to which the tax is discharged, remitted or refunded.
(2)
Where any amount of debt due and payable under subsection
(1)
has not been paid by the due date, the amount of debt unpaid shall, without any further notice being served, be increased by an amount equal to ten per cent of the debt so unpaid, and the amount unpaid and the increase on amount unpaid shall be a debt due from the company to the Government and that debt shall be payable immediately to the
Director General.
(3)
This section shall apply where no dividend is paid pursuant to section 40 of the Finance Act 2007.
(4)
This section shall apply notwithstanding the company has exercised an irrevocable option under section 50 of the Finance Act 2007.
(5)
Any debt due under this section shall be recoverable as if it were tax due and payable under the principal Act.
Finance 43