Cap. 123 Art. 35Election by recipient to be paid without deduction of tax.

(1) Except in respect of investment income referred to in article 41(a)(viii)(2), (3) and (4), a recipient may elect to be paid investment income without deduction of tax being made and such an election shall be made in writing and sent to the payor.

(2) Subject to the provisions of sub-article (3), an election will be effective as from fourteen days following the receipt of such notice of election by the payor. Such an election may be revoked at the option of the recipient by notice in writing and such revocation shall be effective as from fourteen days following the receipt by the payor of such notice.

(3) An election made on the opening of a bank account in respect of which investment income is payable, or on the purchase of bonds, loan stock, debentures, or any other instrument in respect of which the investment income is payable, or on any transaction giving rise to capital gains within the meaning of article 41(a)(v), shall have immediate effect.

from year of assessment 2019