22. Insertion of new section 48A in the principal enactment

The following new section is hereby inserted immediately after section 48 of the principal enactment and shall have effect as section 48A of that enactment :—

48A. Where the taxable income of any person (other than a company) for any year of assessment includes a dividend declared on or

Rate of income tax applicable to certain companies after the expiry of tax exemption.

“Rate of income tax on certain dividends.

Inland Revenue (Amendment)

after April 1, 2002 in the form of shares or debentures, the taxable income representing such dividend shall be taxed at the rate of ten per centum.”.