Section 14, The Finance Act, 2013

The Income Tax Act, 2000 is amended by the insertion ofthe following new section immediately after section 61– 61B(1) Subject to subsection (3), the Commissioner-General shall, based on a person’s return filed under section 61A and on any other information available, make an assessment of the amount of any capital gain of that person and the tax payable on that amount within thirty days from the date the return is filed. (2) The Commissioner-General shall apply sections 95 and 96 in order to ascertain the actual base cost or consideration received in arriving at the chargeable gain of the person. (3) Where section 104 applies to a person and that person files a return under section 61A, the Commissioner-General shall be deemed to have made an assessment of any capital gain of that person and the tax payable on that assessment, being those respective amounts shown in the return. (4) The procedures for objection, enforcement and recovery of a capital gain tax including interest and penalty shall apply in accordance with this Act.”