Section 73 — Excise Tax Act: Deductions of tax, other than Part I tax, where no application

Any person authorized pursuant to subsection (4) who files a return under section 20, 21.32 or 78 and to whom an amount would be payable under any of sections 68 to 68.153 or 68.17 to 69 if that person duly applied therefor on the day on which he files the return, in lieu of applying for that amount, may in that return report that amount and deduct it or any part thereof from the amount of any payment or remittance of tax, penalty, interest or other sum that is reported in that return. Any person who makes a return under subsection 5(1) and to whom an amount would be payable under section 68 if the person duly applied therefor on the day on which that return is made, in lieu of applying for that amount, may in that return report that amount and deduct it or any part thereof from the amount of any payment of tax, penalty, interest or other sum that is reported in that return. Where a person reports an amount in accordance with subsection (1) or (2) and does not deduct the whole amount in the return in which it is reported, the person may, in any subsequent return, report the amount not previously deducted under this section and deduct it or any part thereof from the amount of any payment or remittance of tax, penalty, interest or other sum that is reported in that subsequent return. The Minister may, in writing, authorize a specified person, a person of a specified class of persons or persons generally to make deductions under subsections (1) and (3) either generally or with respect to any transaction of a specified class of transactions; amend an authorization made pursuant to paragraph (a) or suspend or revoke any such authorization either generally or with respect to a specified person or a person of a specified class of persons; and specify the terms and conditions on which, and the manner in which, deductions may be made under subsection (1), (2) or (3). Where a person deducts an amount under this section, the person is deemed to have paid, on the day he filed or made the return in which the amount was deducted, an amount equal to that amount on account of his tax, penalty, interest or other sum payable under this Act in respect of the period for which the return was filed or made; and the Minister is deemed to have paid, on that day, an amount equal to that amount to that person in accordance with section 72.