Finance Act 2007 · s 72

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72.
New section 3a
The principal Act is amended by inserting after section 3
the following section:
“Offshore business activity chargeable to Income Tax Act 1967 upon election 3a.  (1)  Notwithstanding any other provision of this Act, an offshore company carrying on an offshore business activity may make an irrevocable election in the prescribed form that any profit of the offshore company for any basis period for a year of assessment and subsequent basis period to be charged to tax in accordance with the Income Tax Act 1967
in respect of that offshore business activity.
(2)  The election referred to in subsection (1) shall be made and furnished to the Director General three months after the beginning of the basis period for a year of assessment:
	 Provided that for the basis period ending on a day in the year of assessment 2008, the election under this section may be made and furnished before 1 August 2008.

Act 683

LIST OF AMENDMENTS
Amending law
Short title

In force from
Act 719
Finance Act 2011
Year of assessment 2008 and subsequent years of assessment

Finance 63

Act 683

LIST OF SECTIONS AMENDED
Section
Amending authority
In force from 48
Act 719
Year of assessment 2008 and subsequent years of assessment 49
Act 719
Year of assessment 2008 and subsequent years of assessment

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s 72New section 3a

The principal Act is amended by inserting after section 3

the following section:

“Offshore business activity chargeable to Income Tax Act 1967 upon election 3a. (1) Notwithstanding any other provision of this Act, an offshore company carrying on an offshore business activity may make an irrevocable election in the prescribed form that any profit of the offshore company for any basis period for a year of assessment and subsequent basis period to be charged to tax in accordance with the Income Tax Act 1967

in respect of that offshore business activity.

(2)

The election referred to in subsection (1) shall be made and furnished to the Director General three months after the beginning of the basis period for a year of assessment:

Provided that for the basis period ending on a day in the year of assessment 2008, the election under this section may be made and furnished before 1 August 2008.

LIST OF AMENDMENTS

Amending law

Short title

In force from

Act 719

Finance Act 2011

Year of assessment 2008 and subsequent years of assessment

Finance 63

LIST OF SECTIONS AMENDED

Section

Amending authority

In force from 48

Act 719

Year of assessment 2008 and subsequent years of assessment 49

Act 719

Year of assessment 2008 and subsequent years of assessment