Section 111K: Statement to payee and to Director-General

111K. Statement to payee and to Director-General (1) Every payer shall, not later than 15 August in every year— (a) give to each payee, a statement of any amount or sum made available to him and referred to in section 111B, in duplicate, in respect of the preceding income year; and (b) submit to the Director-General, in respect of the preceding income year— (i) a statement giving the particulars of the payee, the amount or sum made available and income tax deducted therefrom; I5 – 63 [Issue 7] Income Tax Act (ii) where no income tax has been deducted by virtue of section 111C (1A), a statement giving the particulars of the payee and the amount or sum made available. (2) In the case of a financial institution, the statement referred to in subsection (1) (b) shall include, in respect of each payee, the aggregate amount of interest payable by the financial institution including its branches, where such aggregate amount exceeds 50,000 rupees, whether or not income tax has been deducted. (3) The statements under subsections (1) and (2) shall contain such other particulars, and shall be made in such form and manner, as may be prescribed. (4) Notwithstanding section 64 of the Banking Act, section 26 of the Bank of Mauritius Act and the confidentiality provisions under any other enactment, a financial institution shall comply with the requirements of this Sub-part. (4A) (a) Where a payer does not comply with subsection (1) (a) or (b) or (3) within the prescribed time, he shall be liable to pay to the DirectorGeneral a penalty of 5,000 rupees per month or part of the month, until the time the payer complies with that subsection, provided that the total penalty payable shall not exceed 20,000 rupees. (b) Where a penalty is payable under paragraph (a), the DirectorGeneral shall, by registered post, make a claim to the payer specifying the amount of penalty payable and the reasons for making such a claim. (c) Where a claim is made under paragraph (b), the payer shall pay the amount of penalty within 28 days of the date of the claim. (d) — (5) Any payer who fails to comply with subsection (1), (2) or (3) shall commit an offence and shall, on conviction, be liable to a fine not exceeding 50,000 rupees. [S. 111K inserted by s. 18 (zl) of Act 15 of 2006 w.e.f. 1 October 2006; amended by s. 17 (q) of Act 17 of 2007 w.e.f. 22 August 2007; s. 15 (j) of Act 18 of 2008 w.e.f. 1 July 2008; s. 21 (i) of Act 14 of 2009 w.e.f. 1 January 2010; s. 9 (p) of Act 10 of 2010 w.e.f. 24 December 2010; s. 8 (zf) of Act 37 of 2011 w.e.f. 15 December 2011; s. 12 (n) of Act 26 of 2012 w.e.f. 1 January 2013; s. 24 (r) of Act 9 of 2015 w.e.f. 1 July 2015.] Sub-Part BB – National Residential Property Tax [Sub-part BB inserted by s. 18 (zl) of Act 15 of 2006 w.e.f. 1 July 2006; repealed by s. 9 (o) of Act 10 of 2010 w.e.f. the year of assessment 2011.] 111L. — [S. 111L inserted by s. 18 (zl) of Act 15 of 2006 w.e.f. 1 July 2006; amended by s. 17 (r) of Act 17 of 2007 w.e.f. 1 July 2007.] 111M. — [S. 111M inserted by s. 18 (zl) of Act 15 of 2006 w.e.f. 1 July 2006; amended by s. 17 (s) of Act 17 of 2007 w.e.f. 1 July 2007.] [Issue 7] I5 – 64 Revised Laws of Mauritius