Finance (No. 2) Act, 1970
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Termination of deductions for certain taxes. |
1.—With respect to the computation of income for the purposes of income tax for the year 1970-71 or for any subsequent year of assessment— | |
(a) section 64 (1) of the Income Tax Act, 1967 , so far as it provides that corporation profits tax paid by a company in respect of any accounting period is to be allowed to be deducted as an expense incurred in that accounting period in computing the profits or gains of the company for purposes of income tax, shall not apply; | ||
(b) paragraph 4 of Schedule 7 to that Act shall have effect as if clause (ii) of subparagraph (c) were deleted; | ||
(c) paragraph 8 of Schedule 10 to that Act shall have effect as if, in clause (c) of subparagraph (3), “either falls to be allowed as a credit against corporation profits tax, or”, where occurring before “cannot be allowed as a credit”, were deleted. |