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Amendments are not highlighted in legislation amended before 2012. We are working on it.
Formal Consolidation |  2004 RevEd
Deduction for special reserve of approved general insurance company
14O.—(1)  The Minister may by regulations provide that, for the purpose of ascertaining the income of a general insurance company approved by the Minister or such person as he may appoint from carrying on the business of insuring and reinsuring offshore risks, there shall be allowed for a period of 10 years a deduction for the prescribed amount of special reserves set aside by the approved general insurance company for prescribed offshore risks.
[37/2002]
(2)  Regulations made under subsection (1) may provide for —
(a)any amount transferred to the special reserve on an earlier date to be deemed to have been transferred out of the special reserve first;
(b)the circumstances in which any amount which has been allowed as deduction under this section may be deemed as trading receipt for any basis period;
(c)the adjustment of any amount deemed as trading receipt for any basis period in respect of any amount which has been allowed as deduction under this section; and
(d)generally for giving full effect to or for carrying out the purposes of this section.
[37/2002]
(3)  In this section, “offshore risk” has the same meaning as in section 26.
[37/2002]
Informal Consolidation | Amended Act 29 of 2010
Deduction for special reserve of approved general insurance company
14O.—(1)  The Minister may by regulations provide that, for the purpose of ascertaining the income of a general insurance company approved by the Minister or such person as he may appoint from carrying on the business of insuring and reinsuring offshore risks, there shall be allowed for a period of 10 years a deduction for the prescribed amount of special reserves set aside by the approved general insurance company for prescribed offshore risks.
[37/2002]
(2)  Regulations made under subsection (1) may provide for —
(a)any amount transferred to the special reserve on an earlier date to be deemed to have been transferred out of the special reserve first;
(b)the circumstances in which any amount which has been allowed as deduction under this section may be deemed as trading receipt for any basis period;
(c)the adjustment of any amount deemed as trading receipt for any basis period in respect of any amount which has been allowed as deduction under this section; and
(d)generally for giving full effect to or for carrying out the purposes of this section.
[37/2002]
(3)  In this section, “offshore risk” has the same meaning as in section 26.
[37/2002]