sec.20Election to change monthly payments for quarterly return period

sec.20 Election to change monthly payments for quarterly return period

This section applies if, at the relevant time— a person reasonably believes the amount of royalty payable by the person under the Act for a return period that is a quarterly return period (the current return period ) will be less than the royalty payable by the person under the Act for the previous return period; and the revenue commissioner has not given the person a notice under section 21 . The royalty payable by the person under the Act for the previous return period is the amount that, under section 18 or 19 , is the royalty payable by the person under the Act for the previous return period for section 18 (2) . The person may elect to change the amount payable for the first or second months of the current return period. The election must— be in the approved form; and state the amount of royalty the person reasonably believes will be payable by the person under the Act for the current return period; and unless the revenue commissioner, by giving notice to the person, approves another day for making the election—be lodged on or before— for an election for the first month of the current return period—the last business day of the second month of the return period; or for an election for the second month of the current return period—the last business day of the third month of the return period. Subject to subsection (6) — if the person makes an election under subsection (3) for the first month of the current return period, the amount payable for that month is a third of the amount mentioned in subsection (4) (b) for the election; or if the person makes an election under subsection (3) for the second month of the current return period, the amount payable for that month is a third of the amount mentioned in subsection (4) (b) for the election. The amount payable, as changed under subsection (3) for the first or second months of a return period, may be more than the amount payable under subsection (5) (a) or (b) . In this section— relevant time , for an election for the first month or the second month of a return period, means when the amount payable for the month becomes payable under section 16 . (sec.20-ssec.1) This section applies if, at the relevant time— a person reasonably believes the amount of royalty payable by the person under the Act for a return period that is a quarterly return period (the current return period ) will be less than the royalty payable by the person under the Act for the previous return period; and the revenue commissioner has not given the person a notice under section 21 . (sec.20-ssec.2) The royalty payable by the person under the Act for the previous return period is the amount that, under section 18 or 19 , is the royalty payable by the person under the Act for the previous return period for section 18 (2) . (sec.20-ssec.3) The person may elect to change the amount payable for the first or second months of the current return period. (sec.20-ssec.4) The election must— be in the approved form; and state the amount of royalty the person reasonably believes will be payable by the person under the Act for the current return period; and unless the revenue commissioner, by giving notice to the person, approves another day for making the election—be lodged on or before— for an election for the first month of the current return period—the last business day of the second month of the return period; or for an election for the second month of the current return period—the last business day of the third month of the return period. (sec.20-ssec.5) Subject to subsection (6) — if the person makes an election under subsection (3) for the first month of the current return period, the amount payable for that month is a third of the amount mentioned in subsection (4) (b) for the election; or if the person makes an election under subsection (3) for the second month of the current return period, the amount payable for that month is a third of the amount mentioned in subsection (4) (b) for the election. (sec.20-ssec.6) The amount payable, as changed under subsection (3) for the first or second months of a return period, may be more than the amount payable under subsection (5) (a) or (b) . (sec.20-ssec.7) In this section— relevant time , for an election for the first month or the second month of a return period, means when the amount payable for the month becomes payable under section 16 .