Section 8

Section 110 of the principal Act is amended by inserting, after subsection (1A), the following subsection:

“(1B) Notwithstanding subsection (1), where tax on any dividend paid, credited or distributed during the basis year for the year of assessment 1993 has been deducted at the rate of thirty-five per cent, the tax to be set off under subsection (1) shall be the sum deemed to be the tax deducted from such dividend under subsection 108(2B).”.

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