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




Section 60B. Offshore insurance: chargeable income, reduced rate and exempt dividend.


(1) (a) Where an insurer carries on off-shore insurance business in conjunction with other insurance businesses, the part of the chargeable income for a year of assessment which is attributable to that off-shore insurance 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 off-shore 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 off-shore 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 five per cent-


[Ins. Act 264:s.8]

Related reading:
[Act 264:s.8]


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