Clause 41

Section 46 of the principal Act is amended by deleting subsection (2) and substituting the following subsection:“(2) Notwithstanding subsection (1), where the tax on any dividend paid in the year 2004 has been deducted at the rate of 22%, the tax to be set-off under subsection (1) shall be the sum deemed to be the tax deducted from such dividend under section 44A(4).”.