154. Order of payment of tax debts

(1)

Payments of a specific tax shall be applied against the taxpayer’s liability in the following order:—

(a)

interest relating to the tax;

(b)

penalties relating to the tax; and

(c)

the principal amount of the tax.

(2)

The Commissioner-General may apply a tax payment to any tax which has been assessed and is due—

(a)

where the taxpayer fails to indicate to which specific tax or taxation period the payment should be applied; or

(b)

where the payment has been collected pursuant.

Schedules