S.L. 372.14 Art. 26Deductions of tax tobe setoffagainst payee’s liabilities.

Any tax deduction made in accordance with rule 6 and remitted to the Commissioner shall, where the relative income has been declared for tax purposes, be set off for the purpose of collection against the tax charged in respect of the year of assessment immediately following that during which the deduction was made: Provided that where the deductions to be set off as aforesaid exceed the tax charged for the said year of assessment, as reduced by any other payment made in its respect, such excess shall be set off against any outstanding liability for any other year of assessment, and any remaining excess shall be refunded:

Provided further that tax deducted under the FSS Overtime Tax Deduction Method shall only be available for set-off in the circumstances mentioned in rule 7A(6) and (7).