Clause 18

by deleting subsection (2) and substituting the following subsection:“(2) Notwithstanding subsection (1), where the tax on any dividend paid in the year 2000 has been deducted at the rate of 26%, the tax to be set-off under subsection (1) shall be the sum deemed to be the tax deducted from such dividend under section 44(13).”; and

by inserting, immediately after subsection (4), the following subsections:“(5) Notwithstanding section 93(1), where any person for any year of assessment has paid tax by deduction under section 44 in respect of any dividend deemed to be received by him under section 10J(3A)(b) and the amount of tax allowed to him as a set-off under subsection (1) is in excess of the amount of tax payable by him for that year of assessment, he shall not be entitled to a refund of an amount of tax equal to —

the amount of tax deducted under section 44 from such dividend, where the amount of set-off in excess is not less than the amount of tax so deducted; or

the amount of set-off in excess, where the amount of set-off in excess is less than the amount of tax so deducted.(6) Any amount of set-off in excess for any year of assessment which is not available for refund to any person under subsection (5) shall not be set-off against the tax payable by the person for any other year of assessment and shall not be regarded as tax assessed for the purposes of section 44.”.