Finance (Taxation of Profits of Certain Mines) Act, 1974
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Amendment of section 387 of Act of 1967. |
13.—(1) Section 387 (2) (a) of the Act of 1967 is hereby amended, in respect of companies that commenced or commence to trade in relation to a qualifying mine whether before, on or after the 6th day of April, 1974, by the substitution of “beginning on the commencement day and ending on the 5th day of April, 1974” for “two hundred and forty months beginning on the commencement day” and the said section 387 (2) (a), as so amended, is set out in the Table to this section. | |
(2) In this section and in sections 14 to 17 of this Act “company” and “qualifying mine” have the meanings respectively assigned to them by the Act of 1956. | ||
TABLE | ||
387. (2) (a) Where a dividend is paid wholly or in part out of the profits and, as respects such dividend, the dividend period is wholly within a period (hereafter in this Chapter referred to as the exemption period) beginning on the commencement day and ending on the 5th day of April, 1974, the company shall be entitled to deduct income tax in accordance with section 456 from such part, if any, of the dividend as exceeds the relevant payment, but shall not be entitled to deduct income tax from the relevant payment. |