Amendment of section 129A of Principal Act (dividends paid out of foreign profits)
29. (1) Section 129A of the Principal Act is amended in subsection (3)(a) by the substitution of the following subparagraph for subparagraph (ii):
“(ii) ending on the last day of—
(I) the accounting period of the company immediately preceding the accounting period in which the distribution is made, or
(II) the accounting period in which the distribution is made, where the distribution is an interim dividend paid, in that accounting period, out of profits arising in that accounting period,”.
(2) Subsection (1) shall apply to distributions made on or after the date of the passing of this Act.
