INTERNAL REVENUE ACT - 2000( 592 )

    Section - 32 - Debt Obligations with Discount or Premium

    (1) Subject to subsection (2), for the purposes of ascertaining the income of a person for a basis period from any business or investment, interest in the form of any discount, premium, or deferred interest shall be taken into account as it accrues.

    (2) Where the interest referred to in subsection (1) is subject to withholding tax under section 82 on payment, the interest shall be taken into account when paid.