32. Amendment of section 139 of the principal enactment

Section 139 of the principal enactment as last amended by the Act, No. 10 of 2007 is hereby further amended by the repeal of subsection (1) of that section and the substitution therefor, of the following new subsection:-

“(1)

For any year of assessment:

ending prior to April 1, 2015, any person or partnership from whose interest income the income tax is deductible by a bank or financial institution, or a company which issues any corporate debt security in accordance with the provisions of section 133 or section 135 and such interest income will form part of the assessable income of such person or divisible profit or income of the partnership, as the case may be, for any year of assessment, may, if the amount of income tax payable by him or the relevant partners for such year of assessment is less than the income tax deductible during that year of assessment under section 133 or section 135, make an application to the

commencing on or after April 1, 2015 any person (other than an individual or a partnership) from whose interest income the income tax is deductible by a bank or financial institution in accordance with the provisions of section 133 and such interest income will form part of the assessable income of such person for any year of assessment, may, if the amount of income tax payable by such person for such year of assessment is less than the income tax deductible during that year of assessment under section 133, make an application to the Commissioner-General in such form and containing such particulars as may be specified by the Commissioner General, requesting that a direction be issued to that bank or financial institution to make the necessary adjustments in the deduction of income tax in that year of assessment.”.