Page 49 - P6 Slide Taxation - Lecture Day 4
P. 49
PAYMENT AND RECOVERY OF DIVIDENDS TAX (S 64K)
What will happen if the co/regulated intermediary fails to pay
it over?
• The co/regulated intermediary will be held liable for the tax as if it
was a tax due by itself.
• If the beneficial owner pays the dt, the co/regulated intermediary
will be relieved from the liability.
Are there penalties & interest on late payment? Who will be
liable?
• Interest @ prescribed rate is applicable to late payments.
• Administrative penalties applies at the late/no-submission of
returns