Value Added Tax Act (Cap. 406), article 21

21. (1) Every person registered under article 10 shall pay to the Commissioner by not later than the date on which he is requ ired to furnish a tax return for a tax period an amount equivalent t o the excess, if any, of the output tax for that period over the dedu ctions that he has a right to make in accordance with article 23: Prov ided that that person may set off any excess tax credit for a previo us tax period, that has not been refunded or become refundable in term s of article 24, against any tax paya ble in accordance with this sub - article. (2) Every person liable for the payment of the tax in accordance with article 20(1) or (3), other than tax payable in accordance with sub-article (1) o f this article, shall pay that tax to the Commissioner by not later tha n the fifteenth day of the mon th following that during whic h it becomes chargeable. (3) Every person liable for the payment of the tax in accordance with article 20(2), ot her than tax payable in accord ance with sub-article (1) of this article, shall pay that tax to the Commissioner by not later than the fifteenth day of the second month next following either the date of invoice or of the month during which the consignment or the supply of services is recei ved, as the case may be, whi chever is the earlier. (4) Interest shall be due on any tax which is not paid by the date on which it becomes payable at a rate which the Minister s hall, from time to time, by regulations prescribe for each month or p art thereof during which that tax rem ains unpaid or at such other r ate as may be prescribed: Provided that the running of interest on any amount of tax due which is the merit of an appeal before the Tribunal, shall be suspended for the period that ex ceeds two months from the date of the last sitting of the Tribunal relating to such appeal and th e date when a decision is given by the Tribunal or a final judgement i s delivered by the Court of Appeal ( Inferior Jurisdiction), as th e case may be: Cap. 395. Provided further that the Minister may by regulations prescribe conditions under which part or all the interest incur red under this sub-article may be re mitted. Such regulations may al so make provision for the remission of any interest due under the Value Added Tax Act, 1994, and under the Customs and Excise Tax Act. 22 CAP. 406.] VALUE ADDED TAX (4A) Notwithstanding the other provisions of this article, no interest shall be due where a return required to be furnished u nder article 27 is furnished in an electronic format through the established web portal designated for the purpose by the Commissioner, together with payment of the tax due on the retur n, not later than seven days following the date on which the tax becomes payable under the provisions of this Act. (4B) Notwithstanding the other provisions of this article, interest in a particular tax period shall cease to accrue where the total amount of payments appropriated to that tax period in ter ms of article 67 is equivalent to or e xceeds the amount of tax payabl e for that tax period. (5) The payment of the tax shall be accompanied by the delivery to the Commissioner of the respective form as the Mini ster may by regulations prescribe: Provided that tax on importations shall be payable to the Commissioner and shall be made at such place and be accompanied by such forms as the Commissioner may direct. Output tax, input tax and credit for input tax. Substituted by: X. 2003.10. Amended by: XLIII. 2014.2.