Time limits for assessments and revised assessments

(1) The Director General may not make an assessment, including a new assessment or a revised assessment, more than six years after the end of the tax period to which the return relates. Tax Administration and Procedure CAP. 51 37 (2) Notwithstanding sub-section (1), the Director General may make an assessment, new assessment or revised assessment within twelve years of the end of the tax period to which a return relates if the original assessment was based upon incorrect information due to fraud or wilful neglect of the taxpayer.. (3) Subject to sub-section (4), an assessment made under section 33(3) shall be made within twelve years of the end of the tax period to which the return relates. (4) An assessment made under section 33(3) shall be made within 6 years of the date the return is filed if the taxpayer files a return within 6 years after the end of the tax period. (5) Notwithstanding sub-section (1)– (a) if the return for a tax period is filed 5 years or later after the end of the tax period, a revised assessment shall be made within one year after that return is filed; and (b) a revised assessment may be made at any time, if no return has yet been filed. (6) If an assessment is not made within the time limits specified in this section, and no assessment has been made under section 33– (a) an assessment is treated to have been made in the amount of tax that has been withheld for the tax period, if any; or (b) no tax is payable, if no tax has been withheld. (7) Nothing in this section prevents the amendment of an assessment to give effect to a decision of the Board of Tax Appeals or the Supreme Court. 38 CAP. 51 Tax Administration and Procedure