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(a) an accountable person has, during a taxable period (referred to in this section as the “initial period”), deducted tax in accordance with subsection (2) or (2A) of section 59, and

(2) Where subsection (1) applies, the accountable person shall reduce the amount of tax deductible by him or her, in the third taxable period following the initial period, by an amount calculated in accordance with the following formula, subject to any apportionment arising in accordance with section 61:

(3) Where an accountable person has reduced the amount of tax deductible in a taxable period in accordance with subsection (2) and subsequently that accountable person pays the consideration, or part thereof, due to the supplier of the goods or services, that accountable person shall, in the taxable period in which that consideration, or part thereof, was paid, increase the amount of the tax deductible by him or her, by an amount calculated in accordance with the following formula, subject to any apportionment arising in accordance with section 61:

(4) Where, on or before the due date for submission of the return required under section 76 or 77 relating to the third taxable period after the initial period, an accountable person satisfies the Revenue Commissioners that there are reasonable grounds for not having paid the full consideration, or part thereof, to the supplier on or before the date referred to in subsection (1)(b), this section shall not apply.

(4) Where, on or before the due date for submission of the return required under section 76 or 77 relating to the third taxable period after the initial period, an accountable person satisfies the Revenue Commissioners that there are reasonable grounds for not having paid the full consideration, or part thereof, to the supplier on or before the date referred to in subsection (1)(b), this section shall not apply.