INCOME TAX ACT 1967 (ACT 53)
PART III - ASCERTAINMENT OF CHARGEABLE INCOME
Chapter 8 - Special cases




Section 60A. Inward re-insurance: chargeable income, reduced rate and exempt dividend.


(1)(a) Where an insurer carries on inward re-insurance business in conjunction with other insurance businesses, the part of the chargeable income for a year of assessment which is attributable to that inward reinsurance business shall consist of an amount which bears the same proportion to the chargeable income for that year of assessment of the insurer as the part of the aggregate income which relates to the inward re-insurance business bears to the whole of the aggregate income for that year of assessment from all sources of the insurer; and

(2) As soon as any amount of chargeable income from the inward re-insurance business of an insurer (being a company) resident for the basis year for a year of assessment has been subject to income tax at the rate of 5 per cent-


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