86A. Interpretation of this Part

(1)

In this Part —

“arrangement” means an avoidance of double taxation convention or tax information exchange agreement having effect under section 41;

“competent authority”, in relation to an arrangement, means a person or an authority whom the Collector is satisfied is

Income Tax authorised under that arrangement to make a request to the

Collector for information under that provision;

“double taxation convention” means an arrangement to afford relief from double taxation having effect under section 41;

“exchange of information provision”, in relation to a double taxation convention or a tax information exchange agreement having effect under section 41, means a provision in that arrangement which provides expressly for the exchange of information concerning the tax positions of persons;

“tax information exchange agreement” means an arrangement to exchange information on tax matters having effect under section 41;

“tax position”, in relation to a person, means such person’s position as regards any tax —

(a)

of the country or territory with whose government the double taxation, or exchange of information, arrangement in question was made; and

(b)

that is covered by the exchange of information provision of that arrangement, including his position as regards —

(i)

past, present and future liability to pay any such tax;

(ii)

penalties, interests and other amounts that have been paid, or are or may be payable, by or to the person in connection with any such tax; and

(iii)

claims, elections, applications and notices that have been or may be made or given in connection with any such tax.

(2)

References in this Part to the tax position of a person include the tax position of —

(a)

a person (not being an individual) that has ceased to exist;

and

(b)

an individual who has died.

Income Tax 128

(3)

References in this Part to the tax position of a person are to his tax position at any time or in relation to any period, unless otherwise stated in the arrangement in question.

Report

Read on from s 86B

86A. Interpretation of this Part

Terms defined in s 2

Schedules