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Finance Act, 1962

Exemption from tax in respect of interest on certain securities.

12.—(1) Income tax, sur-tax or corporation profits tax shall not be chargeable in respect of the interest on securities which are issued by the Minister for Finance for the purpose of being used in payment of income tax, sur-tax or corporation profits tax, and such interest shall not be reckoned in computing income for the purposes of the Income Tax Acts.

(2) Section 159 of the Income Tax Act, 1918, shall not have effect as respects tax for the year 1963-64 or any subsequent year of assessment.