Section 17
Amendment of section 110
ActIn forceProvision 18 of 39
Section 17
Section 110 of the principal Act is amended by inserting after subsection (1c) the following subsection:
“(1d) Notwithstanding subsection (1), where tax on any dividend paid, credited or distributed during the basis year for the year of assessment 1995 has been deducted at the rate of thirty-two 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(2d).”.