Finance Act, 1977
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Amendment of section 28 (agreements for relief of double taxation) of Wealth Tax Act, 1975. |
51.—(1) Section 28 of the Wealth Tax Act, 1975 , is hereby amended by the addition of the following subsection— | |
“(6) (a) Where the Commissioners are satisfied that a tax of a similar character to wealth tax was paid in a territory outside the State in respect of any property (other than real property in the State) by reference to any date prior to but within twelve months of a valuation date, they may make an allowance by way of credit against the wealth tax due and payable on that date in respect of such property or grant exemption in respect of such property for that valuation date. | ||
(b) This subsection shall have effect in respect of wealth tax due and payable on a valuation date but it shall not have effect in relation to a foreign tax in respect of which there is, for the time being, an order in force under this section providing for double taxation relief.”. | ||
(2) Subsection (1) of this section shall be deemed to have come into operation on the 5th day of April, 1975. |