Section RM 25 — Income Tax Act 2007: Treatment of amounts not refunded

RM 25 Treatment of amounts not refunded When this section applies (1) This section applies when, through the application of sections RM 22 and RM 23 , an overpayment of income tax by a Maori authority is not refunded to the authority. Satisfying liabilities or retained (2) The amount prevented from being a refund is— (a) applied to satisfy an income tax or provisional tax liability of the Maori authority for the tax year of the entitlement; and (b) retained by the Commissioner to the extent to which paragraph (a) does not apply. Credit for provisional tax (3) Despite subsection (2), the amount may be credited on a provisional tax instalment date if residual income tax is treated under section 120K of the Tax Administration Act 1994 as payable on the date set out in Part 7 of that Act. Defined in this Act: amount , Commissioner , income tax , income tax liability , instalment date , Maori authority , pay , provisional tax , residual income tax , Compare: 2004 No 35 s MD 2B(4), (4B)