Section 115A: Allowable deduction from levy

115A. Allowable deduction from levy (1) Where applicable, any amount paid towards the setting up of a CSR Fund under section 50L of the Income Tax Act by a licensee speci(cid:191)ed in Part II of the Fifth Schedule shall, in the year the CSR Fund is set up, be deductible from the levy paid in that year. (2) A licensee under subsection (1) may claim any levy paid in excess during a year in such form and manner as the Director-General may determine. (3) In this section – “ year” has the same meaning as in the Income Tax Act. (r) in section 116, by inserting, after the word “duty”, the words “, levy”; (s) in section 117, by inserting, after the word “duty”, wherever it appears, the words “, levy”; (t) in section 118, by deleting the words “tax liability of” wherever they appear and replacing them by the words “duty, levy or tax payable by”; (u) in section 119 – (i) by inserting, after the word “duty”, wherever it appears, the words “, levy”; Acts 2016 221 (ii) by repealing subsection (4) and replacing it by the following subsection – (4) The Director-General may, at any time, make an assessment under subsection (1) in case of wilful neglect, evasion, fraud or non-submission of a return by a licensee. (v) in section 119A, in subsection (2), by deleting the word “fraud” and replacing it by the words “fraud or non-submission of a return by a licensee”; (w) in section 120, by inserting, after the word “duty”, wherever it appears, the words “, levy”; (x) in section 121 – (i) in subsection (1), by inserting, after the word “duty”, the words “, levy”; (ii) in subsection (2) – (A) by repealing paragraphs (b) and (c) and replacing them by the following paragraphs – (b) at the time of his objection, where he has not submitted, in respect of each of the periods covered by the assessment, any return referred to in section 115 – (i) submit the required return; (ii) p ay any amount of tax declared in the return referred to in subparagraph (i), together with any penalty under sections 116, 117 and 120 and any interest under section 125; and 222 Acts 2016 (iii) i n addition, pay 10 per cent of the difference between the amount claimed in the notice of assessment and the amount payable under subparagraph (ii); and (c) w here he has submitted prior to the assessment, in respect of each of the periods covered by the assessment, the return referred to in section 115 – (i) pay, at the time of his objection, any outstanding tax on the return; and (ii) i n addition, pay 10 per cent of the amount claimed in the notice of assessment. (B) by repealing paragraph (d); (iii) b y inserting, after subsection (2), the following new subsection – (2A) Where the person satisfies the DirectorGeneral, within the time referred to in subsection (1) and on reasonable grounds, that he is unable to pay the amount of tax referred to in subsection (2)(b) or (c), in one sum, that person shall – (a) pay that amount; or (b) give security by way of bank guarantee, on such terms and conditions as the Director-General may determine. (iv) in subsection (6), by inserting, after the word “duty”, the words “, levy”; Acts 2016 223 (y) in section 122, by inserting, after the word “duty”, wherever it appears, the words “, levy”; (z) in sections 123, in subsection (2)(b), by inserting, after the word “duty”, the words “, levy”; (za) in section 124 – (i) i n the heading, by inserting, after the word “duty”, the words “, levy”; (ii) in subsection (1), by inserting, after the word “duty”, the words the Director-General may determine. (iv) in subsection (6), by inserting, after the word “duty”, the words “, levy”; Acts 2016 223 (y) in section 122, by inserting, after the word “duty”, wherever it appears, the words “, levy”; (z) in sections 123, in subsection (2)(b), by inserting, after the word “duty”, the words “, levy”; (za) in section 124 – (i) i n the heading, by inserting, after the word “duty”, the words “, levy”; (ii) in subsection (1), by inserting, after the word “duty”, the words “, levy”; (zb) in section 125 – (i) i n the heading, by inserting, after the word “duty”, wherever it appears, the words “, levy”; (ii) i n subsection (1), by inserting, after the word “duty”, wherever it appears, the words “, levy”; (zc) in section 127, in paragraph (a) – (i) by inserting, after the word “duties”, the words “, levy”; (ii) b y inserting, after the word “duty”, wherever it appears, the words “, levy”; (zd) in section 128 – (i) i n the heading, by inserting, after the word “duty”, the words “, levy”; (ii) by inserting, after the word “duty”, the words “, levy”; (ze) in section 129 – (i) i n the heading by inserting, after the word “duty”, the words “, levy”; (ii) i n subsection (1), by inserting, after the word “duty”, wherever it appears, the words “, levy”; 224 Acts 2016 (zf) in section 130, by inserting, after the word “duty”, wherever it appears, the words “, levy”; (zg) in section 131, by inserting, after the word “duty”, wherever it appears, the words “, levy”; (zh) in section 132, in subsection (1), by inserting, after the word “duty”, the words “, levy”; (zi) in section 133 – (i) i n the heading, by inserting, after the word “duty”, the words “, levy”; (ii) by inserting, after the word “duty”, the words “, levy”; (zj) in section 148 – (i) in the heading, by inserting, after the word “duties”, the words “, levy”; (ii) b y inserting, after the word “duty”, wherever it appears, the words “, levy”; (zk) in section 149 – (i) in the heading, by inserting, after the word “duties”, the words “, levy”; (ii) in subsection (1)(a), by inserting, after the word “duties”, the words “, levy”; (iii) b y inserting, after the word “duty”, wherever it appears, the words “, levy”; (zl) in section 157, by inserting, after subsection (5), the following new subsection – (5A) Where, after the expiry of 30 days from the announcement of the results relating to an event or contingency, any winning has not been claimed by a punter, the licensee shall forthwith pay the monetary equivalent of the winning into the National Solidarity Fund. Acts 2016 225 (zm) in section 164, in subsection (2), by inserting, after paragraph (a), the following new paragraph – (aa) f or the setting up of the necessary regulatory and taxation framework for – (i) o n-line betting games open only to nonresidents and foreigners; (ii) b etting games organised in hotels and open only to non-residents and foreigners; (zn) by repealing the Fifth Schedule and replacing it by Fifth Schedule set out in the Fourth Schedule to this Act. out in the Fourth Schedule to this Act.