Income Tax Act (Cap. 123), article 34

34. (1) A payor shall not deduct tax under article 33 where a recipient elects under the provisions of article 35, to be paid investment income without such deduction being made. (2) A payor shall render an account to the Commissioner of all payments of investment income made during any year in respect of which an election has been made. The account shall be submitted to the Commissioner by the 31st January following the year for which the election has been made, or within thirty days of the request, whichever date is later. Such account shall include details of the recipient’s name, address and the income tax registration number as well as the amount of investment income paid gross by the payor to the recipient during that year: Provided that a payor shall not be required to render an account to the Commissioner once nine years have elapsed following the end of the year in which the investment income becomes payable. (3) Where an account is not rendered to the Commissioner in the manner required under this article, the payor shall be guilty of an offence and shall be liable on conviction to a fine (multa) of not more than twenty-three thousand euro (€23,000). Election by recipient to be paid without deduction of tax. Added by: XVII. 1994.16. Amended by: II. 2003.17; II. 2007.11.