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

31B. (1) Notwithstanding any other provision of the Income Tax Acts or any regulations made thereunder, this article shall apply where any person who is an owner of immovable property rents such property to a person receiving rent subsidy under an y scheme administered by the Housing Authority and the said owner is registered with the Housing Authority for this purpose and complies with any conditions imposed by the Housing Authority. (2) The tax chargeable in the ci rcumstances mentioned in sub- article (1) shall be at the rate of 10% of the gross rental inc ome 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 from the rent subsidy mentioned in sub-article (1) and shall render an accoun t to INCOME TAX [CAP. 123. 135 the Commissioner of all such amounts deducted specifying amounts together with the details of the person receiving the r ent. (4) The Housing Authority shall remit the tax collected in accordance with sub-article (3), together with the account mentioned in the said sub-arti cle, to the Commissioner by the fourteenth day following the end of the month during which the rent subsidy was paid. Rental income from restored property. Added by: V . 2012.19.