21. Replacement of secrion 48A of the principal enactment

Section 48A of the principal enactment as amended by Act, No. 37 of 2003, is hereby repealed and the following section substituted therefor :—

48A. Where the taxable income of any person (other than a company) for any year of assessment includes a dividend, other than any dividend exempt from income tax as referred to in paragraphs (a), (b), (c), (d), (e), (f), (g)

and (h) of section 11, declared on or after April 1, 2002-

not in the form of money or an order to pay money ;

in the form of money or an order to pay money out of income exempt from tax or not chargeable with tax ; or

out of dividends received from another company where such dividend is not exempt from income tax under section 11, without a deduction of tax under subsection (1A) of section 61, irrespective of whether such company is entitled to deduct such tax or not, the income tax on such dividend shall be charged at the appropriate rate as specified in the Sixth Schedule to this Act.”.