Income Tax Act (Cap. 123), article 31A

31A. (1) Notwithstanding any other provision of the Income Tax Acts or any regulations issued thereunder, this article sha ll apply where any person rents imm ovable property to the Housing Authority for a period of not less than ten years. (2) The tax chargeable in the ci rcumstances mentioned in sub- article (1) shall be at the rate of 5% of the gross rental inco me received. Such tax shall be final and not be available as a cre dit against the tax liability of the said person or refundable to h im in any way. (3) The Housing Authority shall deduct the tax mentioned in sub-article (2) when making any payments of rent to which this article applies and shall render an account to the Commissioner of all amounts so deducted specifying amounts and details of the recipient. (4) The Housing Authority shall remit the tax deducted in accordance with sub-article (3), together with the account mentioned in the said sub-article, to the Commissioner by the fourteenth day following the end of the month during which the rent was paid. Rental income on Housing Authority subsidised rent. Added by: V . 2012.19.