Cap. 123 Art. 31BRental income on Housing Authority subsidised rent.

(1) Notwithstanding any other provision of the Income

Tax Acts or any regulations made thereunder, this article shall apply where any person who is an owner of immovable property rents such property to a person receiving rent subsidy under any scheme administered by the Housing Authority and the said owner is registered with the Housing Authority for this purpose and complies with any conditions imposed by the Housing Authority.

(2) The tax chargeable in the circumstances mentioned in sub-article (1) shall be at the rate of 10% of the gross rental income received. Such tax shall be final and not be available as a credit against the tax liability of the said person or refundable to him in any way.

(3) The Housing Authority shall deduct the tax from the rent subsidy mentioned in sub-article (1) and shall render an account to the Commissioner of all such amounts deducted specifying amounts together with the details of the person receiving the rent.

(4) The Housing Authority shall remit the tax collected in accordance with sub-article (3), together with the account mentioned in the said sub-article, to the Commissioner by the fourteenth day following the end of the month during which the rent subsidy was paid.