• Part 24: Part 24: Payment and Recovery

    Amended (as from 18th June 2014)

    • Article 139- Policy Statement on Payment and Recovery

      This Part provides for due dates of payment and the collection and recovery of corporation tax or an overpayment of a tax credit under Part 16. Tax paid late shall carry an additional charge and compensation is payable on refunds made by the Tax Department. The rate of such charge or compensation, as applicable, will be set at a commercial rate and is not penal. The additional charge levied on tax paid late is not an allowable tax deduction, and compensation received on refunds is not taxable.

      Amended (as from 18th June 2014)

    • Article 140 - Due and Payable Date

      (1) Corporation tax for an Accounting Period is due and payable on the day following the expiry of 6 months from the end of that period.
      (2) However, where—
      (a) a self-assessment is amended under Article 116 or Article 124 any additional corporation tax is due and payable 30 days after the date on which the amendment is made;
      (b) corporation tax is charged by an assessment issued under Article 128 or recovered under Article 141 it is due and payable 30 days after the assessment is issued; or
      (c) corporation tax is charged by a determination made under rule 8.2 of the Tax Rules it is due and payable 30 days after the date on which the determination is issued.
      Amended (as from 18th June 2014)

    • Article 141 - Recovery of Overpayment

      Where an amount of corporation tax has been repaid to a QFC Entity which ought not to have been repaid, that amount of tax may be assessed and recovered as if it were unpaid tax.

      Amended (as from 18th June 2014)

    • Article 142 - Collection and Recovery

      (1) The Tax Rules may make provisions regarding the collection and recovery of tax payable under these Regulations.
      (2) Any tax, charge, financial sanction or other amount payable by a QFC Entity under these Regulations or the Tax Rules is a debt due to the QFCA and ranks pari passu with any other amounts owed to the QFCA by that QFC Entity.
      Amended (as from 18th June 2014)

    • Article 143 - Late Payment of Tax Charge

      (1) Tax due and payable under the provisions of these Regulations and the Tax Rules shall carry an additional charge at the rate stipulated in the Tax Rules (TAX 10) from the first day following the expiry of 6 months from the end of the Accounting Period (to which the tax due relates) to the date of payment.
      (2) The additional charge under Article 143(1) shall become due and payable as it is incurred.
      (3) The additional charge under Article 143(1) shall not be regarded as financial sanction under these Regulations.
      Amended (as from 12th June 2017).

    • Article 144 - Compensation for Overpayment of Tax

      Tax repayable under the provisions of these Regulations and the Tax Rules, excluding any repayment made pursuant to Article 130, shall carry compensation at the rate stipulated in the Tax Rules (TAX 10) from the later of—

      (a) the date on which the amount being repaid was received by the Tax Department; and
      (b) the due and payable date for that amount in accordance with Article 140(1), to the date of repayment.
      Amended (as from 18th June 2014)

    • Article 145 - Tax Treatment of Charges and Compensation Under Articles 143 and 144

      (1) In arriving at the Chargeable Profits of a QFC Entity for any Accounting Period a deduction shall not be allowed in respect of any additional charge levied under Article 143 during that Accounting Period.
      (2) Any compensation paid to a QFC Entity under Article 144 shall not be included in the calculation of Chargeable Profits of the QFC Entity for the Accounting Period during which the compensation was paid by the Tax Department.
      Amended (as from 18th June 2014)

    • Article 146 - Due and Payable Date in Respect of an Overpayment of a Tax Credit

      (1) Where:
      (a) a self-assessment is amended under Article 116 or Article 124 and as a result a payment of a tax credit in respect of a Reimbursable Tax Loss has been paid under Part 16 which is excessive, the amount reflecting the excess is due and payable 30 days after the date on which the amendment is made; or
      (b) an assessment issued under Article 128 determines that a payment of a tax credit in respect of a Reimbursable Tax Loss under Part 16 is excessive, the amount reflecting such excess is due and payable 30 days after the assessment is issued.
      Inserted (as from 18th June 2014)