Income Tax Management Act (Cap. 372), article 31

31. (1) Where a person has delivered a return of income under article 10 that includes a self -assessment for the year of asse ssment 1999 or any subsequent year of assessment, the Commissioner sha ll determine the chargeable income, the tax chargeable thereon and the tax payable by or repayable to that person for that year of assessment in the amounts indicated by that person in the self- assessment, making such arithmeti cal adjustments as may result to be necessary on the basis of the information contained in that return. (2) Where a person has made an election under article 12 for a year of assessment the Commissioner shall, on the basis of the information in his possession, de termine the chargeable income, the tax chargeable thereon and the tax payable by or repayable to that person for that year of assessment. ( 2 A ) W h e r e a p e r s o n d i s a g r e e s w i t h t h e C o m m i s s i o n e r ’ s determination made in accordance with the provisions of sub- articles (1) or (2), such person may file an adjustment form (A F) on such form as the Commissioner may determine, within ten (10) ye ars from the date on which the person is notified of such determination: Provided that, notwithstanding any other provision of this Act, if the adjustment form is filed later than three months from th e date of the notification of the determination, interest shall become pa yable by the Commissioner on a repayment of tax that may result to be du e in terms of the adjustment only if t he repayment is paid later tha n one month from the filing of the said adjustment form and shall run from the expiration of the said period of one month. (3) Where a person has not delivered a return of income for the year of assessment 1999 or any subsequent year and has not made an election under article 12 or, having made such an election h as, after being given notice by the Commissioner to make a return a s provided in article 13, failed t o file such a return, and the Commissioner is of the opinion that such person is liable to pa y tax, he may determine the amount of t he tax payable by that person f or that year of assessment on the basis of an estimate made in suc h manner and by such method as the Commissioner deems fit without prejudice to any liability otherwise incurred by that person by reason of his failure or neglect to deliver a return. (3A) Where an estimate has been made in the circumstances mentioned in sub-article (3) and the return has still not been delivered, the Commissioner may make an assessment under the provisions of sub-article (5) o n the person concerned, without the need to have previously notified the said person that an enquir y is being conducted into his tax declarations and liabilities. (4) The Commissioner may make such enquiries and verifications as he deems fit with respect to any tax payable b y or repayable to a person and may make such adjustments to a determination made under the oth er provisions of this article a s may be agreed upon in writing with that person or as may be required in accordance with article 13(6). (5) Where it appears to the Commissioner that the tax payable INCOME TAX MANAGEMENT [CAP. 372. 33 by a person for the year of asse ssment 1999 or any subsequent y ear of assessment has been determined at a lesser amount than that which ought to have been charged, the Commissioner may after considering such further returns, books or evidence, if any, as may be produced before or obtained by him, to the best of his judge ment make an assessment of the chargeable income of that person, the tax chargeable thereon and the tax payable by or repayable to that person for that year of assessment, and where the Commissioner after having made an assessment is of the opinion that any tax so assessed has been assessed at a lesser amount than that which o ught to have been charged he may, in the same manner, make an additional assessment or assessments: Provided that if there is evid ence that, after being requested by the Commissioner by means of a notice in writing, such perso n failed to produce without any r easonable excuse any records, documents, accounts and electronic data within thirty days from the date of service of such notice and an order in writing by the Commissioner referred to in article 33(5) has been issued, such person shall not be allowed to pr oduce such records, documents, accounts and electronic data before the Administrative Review Tribunal or in any Court of law. (6) An assessment or additional assessment for a year of assessment under sub-article (5) shall be made not earlier than the time prescribed under article 10(1) for the submission of the r eturn of income for that year and not la ter than five years from the end of the year in which a return of income or a further return for th at year was furnished or in which an election under article 12 for that year was made. (7) Notwithstanding the provisions of sub-article (6) where a person: (a) h a s f u r n i s h e d t h e C o m m i s s i o n e r w i t h a r e t u r n o r returns and has not made therein a full disclosure of all material facts relevant to the determination of his income and allowable deductions; or (b) for the purpose of avoiding tax or through gross or wilful neglect has furnish ed the Commissioner with a return which is incorrect or misleading in any material respect, an assessment or an additional assessment under sub-article (5) may be made at any time after the time laid down in accordance with this Act for the submission of the return of income for that year. (8) A decision on the existence of any circumstance that warrants the application of the provisions of sub-article (7) s hall be subject to appeal under the provisions of articles 35 and 37. (9) A determination made pursuant to sub-article (1), (2) or (3) shall not be construed as being an assessment for any of the purposes of the Income Tax Acts. 34 CAP. 372.] INCOME TAX MANAGEMENT Assessment and payment of tax in foreign currency. Added by: IX. 1999.7.