Recovery of Arrears Sample Clauses

Recovery of Arrears. Arrears are recovered either from settlements made voluntarily by taxpayers or efforts taken by the MRA, using various enforcement tools provided under Tax Acts. The rate of debt recovery against opening arrears of 1 July 2016 is shown at Table 6-9. 0000-0000 000,835,911 715,255 0.41 2000-2009 1,007,044,218 12,897,241 1.28 2010-2015 3,714,586,463 331,190,273 8.92 January to June 2016 948,202,781 450,597,317 47.52 5,845,669,373 795,400,086 13.61 During 2016-17, recovery of arrears totalled Rs 795,400,086. This represented 13.61 per cent of opening arrears of Rs 5,845,669,373; As depicted in above Table, old debts are still difficult to recover. For debts prior to 2000, only 0.4 per cent of total arrears of Rs 175,835,911 was settled. For debts between 2000-2009 and 2010-2015, the rate of recovery of arrears was merely 1.28 per cent and 8.92 per cent respectively; For debts relating to the period January to June 2016, the rate of recovery of arrears was nearly 48 per cent. A total amount of Rs 450,597,317 was recouped out of the total arrears of Rs 948,202,781; Although some 88 and 45 per cent of arrears for Environment Protection Fee and PAYE were settled during 2016-17, debt collection was fairly insignificant for the other types of taxes. Table 6-10 refers. Environment Protection Fee 16,527,804 14,598,196 88 PAYE 164,874,596 73,418,189 45 VAT 2,580,182,100 406,861,392 16 Betting & Gaming 186,756,324 17,771,776 10 Income Tax 2,698,626,604 270,887,672 10 Tax Deducted at Source 103,788,602 8,123,867 8 Advertising Structure Fee 84,116,274 3,444,988 4 As regards Collectible Debts due prior to 30 June 2015, taxpayers may take benefit of the Tax Arrears Settlement Scheme whereby all interests and penalties will be waived provided the taxpayer enters in an agreement for settlement of the debt by 31 March 2018 at latest and the total amount is settled on or before 31 May 2018. The ATDR Panel, the EDRTS Scheme and the Tax Arrears Settlement Scheme have been introduced to address both the stock of debt and the collection of arrears. The impact of the implementation of these measures based on cases finalised to date, will be a reduction in the stock of debts (Collectible & Non-Collectible) by some Rs 1.1 billion if the concerned taxpayers meet their commitments, as per the agreement signed with the MRA.
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Related to Recovery of Arrears

  • Recovery of Sums Due Wherever under this Framework Agreement any sum of money is recoverable from or payable by the Contractor to the Authority, the Authority may deduct that sum from any sum due to the Contractor whether under a Call-off Contract or otherwise.

  • Recovery of Payments If Agent pays any amount to a Lender in the expectation that a related payment will be received by Agent from an Obligor and such related payment is not received, then Agent may recover such amount from each Lender that received it. If Agent determines at any time that an amount received under any Loan Document must be returned to an Obligor or paid to any other Person pursuant to Applicable Law or otherwise, then, notwithstanding any other term of any Loan Document, Agent shall not be required to distribute such amount to any Lender. If any amounts received and applied by Agent to any Obligations are later required to be returned by Agent pursuant to Applicable Law, each Lender shall pay to Agent, on demand, such Lender’s Pro Rata share of the amounts required to be returned.

  • Recovery of Costs If any legal action or other proceeding is brought for the enforcement of this Agreement, or because of an alleged dispute, breach, default or misrepresentation in connection with any of the provisions of this Agreement, the successful or prevailing party shall be entitled to recover reasonable attorneys’ fees and other costs incurred in that action or proceeding (and any additional proceeding for the enforcement of a judgment) in addition to any other relief to which it or they may be entitled.

  • Recovery of Funds The right of the RECIPIENT to retain monies received as reimbursement payments is contingent upon satisfactory performance of this Agreement and completion of the work described in the Scope of Work. All payments to the RECIPIENT are subject to approval and audit by ECOLOGY, and any unauthorized expenditure(s) or unallowable cost charged to this Agreement shall be refunded to ECOLOGY by the RECIPIENT. RECIPIENT shall refund to ECOLOGY the full amount of any erroneous payment or overpayment under this Agreement. RECIPIENT shall refund by check payable to ECOLOGY the amount of any such reduction of payments or repayments within thirty (30) days of a written notice. Interest will accrue at the rate of twelve percent (12%) per year from the time ECOLOGY demands repayment of funds. Any property acquired under this Agreement, at the option of ECOLOGY, may become ECOLOGY's property and the RECIPIENT's liability to repay monies will be reduced by an amount reflecting the fair value of such property.

  • Recovery of Overpayments On occasion a payment will be made to You when You are not covered, for a service that is not Covered, or which is more than is proper. When this happens We will explain the problem to You and You must return the amount of the overpayment to Us within 60 days after receiving notification from Us. However, We shall not initiate overpayment recovery efforts more than 24 months after the original payment was made unless We have a reasonable belief of fraud or other intentional misconduct.

  • C3 Recovery of Sums Due C3.1 Wherever under the Contract any sum of money is recoverable from or payable by the Contractor to the Authority (including any sum which the Contractor is liable to pay to the Authority in respect of any breach of the Contract), the Authority may unilaterally deduct that sum from any sum then due, or which at any later time may become due to the Contractor from the Authority under the Contract or under any other agreement or contract with the Authority or the Crown.

  • Recovery of Attorney’s Fees In the event of any litigation arising from or relating to this Agreement, the prevailing party in such litigation proceedings shall be entitled to recover, from the non-prevailing party, the prevailing party’s reasonable costs and attorney’s fees, in addition to all other legal or equitable remedies to which it may otherwise be entitled.

  • RECOVERY OF ADDITIONAL COSTS If the imposition of or any change in any law, rule, regulation or guideline, or the interpretation or application of any thereof by any court or administrative or governmental authority (including any request or policy not having the force of law) shall impose, modify or make applicable any taxes (except U.S. federal, state or local income or franchise taxes imposed on Lender), reserve requirements, capital adequacy requirements or other obligations which would (a) increase the cost to Lender for extending or maintaining the credit facilities to which this Agreement relates, (b) reduce the amounts payable to Lender under this Agreement or the Related Documents, or (c) reduce the rate of return on Lender's capital as a consequence of Lender's obligations with respect to the credit facilities to which this Agreement relates, then Borrower agrees to pay Lender such additional amounts as will compensate Lender therefor, within five (5) days after Lender's written demand for such payment, which demand shall be accompanied by an explanation of such imposition or charge and a calculation in reasonable detail of the additional amounts payable by Borrower, which explanation and calculations shall be conclusive in the absence of manifest error.

  • Delivery of Collections The Borrower agrees to cause the delivery to the Servicer promptly (but in no event later than two (2) Business Days after receipt) all Collections (including any Deemed Collections) received by Borrower in respect of the Loans that are part of the Collateral.

  • Lenders’ Expenses All Lenders’ Expenses (including reasonable attorneys’ fees and expenses for documentation and negotiation of this Agreement) incurred through and after the Effective Date, when due.

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