(1) The Collector-General may enter into an agreement with an employer to pay, by monthly direct debits, the tax due under this Chapter in respect of all the income tax months occurring in a year of assessment where -

(a) the total monthly payments represent, based on the best estimate of the employer, the total amount of tax due under this Chapter in respect of those income tax months,

(b) each monthly payment is made prior to the due date in respect of the income tax month prior to the income tax month in which the payment is made, and

(c) the employer has complied with all other requirements of this Chapter.

(2) Subject to subsection (3), where an agreement referred to in subsection (1) is entered into, the balance of the amount of tax due in respect of the income tax months occurring in the year of assessment, after deducting all monthly payments made -