22. Amendment of section 120 of the principal enactment

Section 120 of the principal enactment is hereby amended in subsection (1A) of that section, by the substitution for the words “exempted gains and profits.”, of the following: -

“exempted gains and profits:

Provided however, in the case where such person has commonly incurred expenses or commonly used any assets, on all business or investment activities and any expense or deduction cannot be separately identified for the purpose of this subsection, it shall be lawful to divide such expenses or deductions on a proportionate basis (according to the proportion of turnover or proportion of asset usage) in preparing such financial statements.”.