CHAPTER 75:01 - Inland Revenue Division

Corporation Tax Act Mac 1
Vol. 1
the purpose of the periodical returns of the company to the
supervisor under the 144 Insurance Act 1966;
"long-term insurance business" means ordinary life assurance business,
general annuity business, industrial life insurance business'
approved annuity business' non-cancelable sickness and accident
insurance and bond investment business;
"revenue account" means the revenue account required to be kept
under section 45 of the Insurance Act, 1966;
"Statutory Fund" has the same meaning as in section 2 of the
Insurance Act, 1966, except that in the case of a resident company
the expression shall be deemed to include the authorised and paid
up share capital of the company.
(2) Subject to this paragraph the First Schedule of the Insurance Act, 1966,
shall apply for the purpose of the definition of much of the business
referred to in this Schedule as are defined therein.
6. (1) Profits arising from the business of shipping carried on by a non-resident
company shall be exempt from corporation tax provided that the
President is satisfied that an equivalent exemption from tax is granted by
the country of the non-resident company to the resident company.
(2) In this paragraph the expression "business of shipping" means the business
carried on by an owner of ships or aircraft and for the purposes of this
definition the expression "owner" includes any charterer.
1. Head office rents.
2. Branch office rents.
TABLE
GENERAL AND INVESTMENT EXPENSES
RENT
SALARIES, WAGES AND ALLOWANCES
3. Head office employees salaries and wages.
144 BIR Note: This Act has been repealed by the Insurance Act 1980 (Act 6 of 1980)
BIR Mac Edition 91/01 Page 235