CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
(2) Subject to subsection (3), sections 133 to 141 shall apply in relation to
any partnership carrying on any trade, profession or vocation as they
would apply in relation to a company carrying on a trade if so much
thereof as relates to directors of the company or persons taking part in the
management of the affairs of the company were omitted.
(3) In subsection (2) - Construction of references in Act
(a) "control" has, in relation to a partnership, the meaning assigned
to it by section 140 in relation to a partnership;
(b) where such a partnership as aforesaid has control over a company
to which sections 133 to 140 apply -
(i) any employment of any director of that company by the
partnership shall be an employment to which those sections
apply, and
(ii) all the employments of any person who is employed
both by the partnership and by the company being employments
by the partnership or the company, shall, for the
purpose of determining whether those employments or any
of them are employments to which those sections apply, be
treated as if they were employments by the company.
(4) Subsections (2) and (3) apply in relation to individuals as they apply in
relation to partnerships; but nothing in subsection (3) shall cause an
individual to be treated in any circumstances as under the control of
another person.
142. (1) Notwithstanding any written law to the contrary, where under any
written law conferring exemption from income tax with respect to
distributions or payments of interest made to members of a company that
is exempt from income tax the period during which such company may
distribute profits that are exempt from tax is limited, such company may
nevertheless distribute the exempt profits at any time thereafter and every
such sum when so distributed is exempt from the payment of income tax
in the hands of such members, if a special account showing the
distribution and payments of interest made by the exempt company is
maintained by the company to the satisfaction of the Board. General as to exemption
(2) Where by any written law conferring exemptions from income tax with
respect to the distributions or payments of interest made to members of a
company that is itself exempt from tax, a member of such a company is
another company, then that other company is entitled at any time to
distribute a sum equal to the exempt distributions or payments of interest
received by it to its members, and every such sum when so distributed is
BIR Mac Edition 91/01 Page 147