Specified person replaces trust or institution in interest liability for non-payment of tax, broadening who is liable. The amendment substitutes the phrase "trust or the institution" with specified person in the provision imposing simple interest for non-payment of tax on ... Summary
Specified person replaces trust or institution in interest liability for non-payment of tax, broadening who is liable.
The amendment substitutes the phrase "trust or the institution" with specified person in the provision imposing simple interest for non-payment of tax on accreted income where the principal officer, trustee or the entity fails to pay within the prescribed time. An Explanation is inserted linking "specified person" to the previously established statutory definition by cross-reference. The amendment is effective from the stated commencement and applies to the applicable assessment period and subsequent assessment periods.
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