Section 74 — Excise Tax Act: Deductions of tax, other than Part I tax, where application

In lieu of making a payment, other than a payment in respect of Part I, pursuant to an application under any of sections 68 to 68.11 or 68.17 to 69, the Minister may, on request of the applicant, authorize the applicant to deduct, on such terms and conditions and in such manner as the Minister may specify, the amount that would otherwise be paid to the applicant from the amount of any payment or remittance of tax, penalty, interest or other sum that is reported in a return under section 78 by the applicant. Where the Minister authorizes an applicant to make a deduction under subsection (1), the Minister shall notify the applicant to that effect in the notice of determination sent to the applicant. If a deduction is authorized under subsection (1), interest shall be authorized at the prescribed rate as a deduction in accordance with that subsection for the period beginning on the day that is 30 days after the day on which the application for the payment in respect of which the deduction was authorized was received by the Minister and ending on the day on which the notice of determination was sent. [Repealed, 2003, c. 15, s. 99] Where an applicant deducts an amount under this section, the applicant is deemed to have paid, on the day he filed the return in which the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; and the Minister is deemed to have paid, on the day the notice of determination is sent to the applicant, an amount equal to that amount to the applicant in accordance with section 72.