S.L. 372.18 Art. 10Reduction in P.T. payment.

(1) Where it appears to a provisional tax payer that the tax payable for a year of assessment (hereinafter in these rules referred to as "the current year liability") is less than the P.T. benchmark for the corresponding basis period, he has an option to limit the amount payable as provisional tax during that basis period to an amount that is not less than the current year liability.

(2) The option referred to in sub-rule (1) shall be exercised by means of the delivery to the Commissioner of the form prescribed in the Schedule and may be exercised more than once during the same basis period.

(3) The amount of any P.T. payment that falls due during a basis period after an option has been exercised as aforesaid with respect to that period shall be the lower of:

(a) the amount due in accordance with rule 5; and

(b) the excess, if any, of the current year liability over the total provisional tax already paid for the basis period in question.