On 20/05/2013,
you requested for the version in force on 20/05/2013
incorporating all amendments published on or before 20/05/2013.
The closest version currently available is that of 01/03/2011.
40C.
—(1) The Minister may make regulations to provide for —
(a)
the manner and criteria to be adopted —
(i)
for the approval of institutions of a public character; and
(ii)
for the extension and revocation of the approval granted to institutions of a public character;
(b)
the regulation of any amendment of the constitution or any other governing instrument of any institution of a public character;
(c)
the use of donations, issue of tax deduction receipts and maintenance of donation records and accounts by institutions of a public character;
(d)
the regulation of institutions of a public character, including the application of provisions in the Act to institutions of a public character, whether or not such institutions are charities;
(e)
(f)
the procedures for appeal against decisions made by Sector Administrators; and
(g)
generally giving effect to or for carrying out the purposes of this Part.
[10/2007]
(2) Where any institution of a public character contravenes any regulations made under subsection (1) —
(a)
the institution of a public character shall be liable to pay to the Commissioner a financial penalty of the higher of $100 or the amount ascertained by the formula 0.4 x the total value of the donations (as determined under section 37(3) of the Income Tax Act (Cap. 134)) which ought not to be allowed a deduction under section 37(3) of the Income Tax Act by reason of the contravention; and
(b)
the Minister, Commissioner or the appropriate Sector Administrator may revoke the approval granted to the institution of a public character.
[10/2007]
(3) Any financial penalty payable by any institution of a public character under subsection (2)(a) shall be recoverable as a debt due to the Government.
[10/2007]
(4) The Commissioner may remit or refund the whole or any part of the financial penalty payable by any institution of a public character under subsection (2)(a).
[10/2007]
(5) Any financial penalty paid under subsection (2)(a) shall, after deducting any remission or refund under subsection (4), be paid into the Consolidated Fund.
[10/2007]
(6) Any financial penalty imposed under subsection (2)(a) shall be deemed to be interest on tax for the purposes of section 33(2) of the Limitation Act (Cap. 163).
[10/2007]
(7) Where any Sector Administrator contravenes any regulations made under subsection (1), the Minister may revoke the appointment of the Sector Administrator.
[10/2007]
[Income Tax Act, ss. 100 (2) and 107 (2) to (4)]