CHAPTER 75:01 - Inland Revenue Division

Corporation Tax Act Mac 1
Vol. 1
(b) remit the amount deducted in paragraph (a) to the Board on
account of the corporation tax of the company for the year in which it
ceases the business.
(6) The trustee of a catastrophe reserve fund shall submit to the Board
accounts in respect of that fund within three months from the end of the
accounting period of the company which established the fund.
(7) For the purposes of this section -
"catastrophe reserve fund" or "fund" means a fund established by a
company under section 49A of the Insurance Act;
"company" means a company registered under the Insurance Act to
carry on property insurance business insuring against catastrophe
risks;
"net written premium income" means the income from premiums of a
company after deducting reinsurance premiums for catastrophe
risk reinsurance;
"property insurance business" means the business of effecting and
carrying out contracts of insurance against risk of loss of or
damage to property, not being risks of such kinds that the business
of effecting and carrying out contracts of insurance against them
constitutes marine, aviation and transport insurance business or
motor insurance business.
10E. In computing for the purposes of Corporation Tax the profits of a
company for a year of income, there shall be allowed expenses reasonably
incurred in the training and retraining of the employees of the company up to
one hundred and fifty per cent of such expenditure.
Deductions for training of employees
Finance Act 35 of 1998*
10F. (1) Where in a year of income commencing from the year 1998, a
company acquires from the holder of a bond, note, debenture or other similar
*Effective 1 st January 1999
debt security the right to receive the income derived from any of those debt
securities, there shall be allowed as a deduction from the income from any
source, in ascertaining the chargeable profits of the company for that year of
income, all outgoings and expenses wholly and exclusively incurred by that
company in respect of the acquisition of the income in relation to those debt
BIR Mac Edition 91/01 Page 201