On 21/05/2013,
you requested for the version in force on 21/05/2013
incorporating all amendments published on or before 21/05/2013.
The closest version currently available is that of 06/12/2007.
31. Section 45 of the principal Act is amended —
(a)
by deleting paragraph (a) of subsection (1) and substituting the following paragraph:
“(a)
deduct therefrom tax —
(i)
where the person to be paid is an individual or a Hindu joint family, at the rate of 20%;
(ii)
where the person to be paid is any other person, at the rate of 18%; or
(iii)
where section 43(3) or (3A) is applicable to the person to be paid, at the rate specified in that provision,
on every dollar of the interest; and”;
(b)
by deleting subsection (1A) and substituting the following subsection:
“(1A) Notwithstanding subsection (1), tax shall be deducted at the rate of 20% on every payment (other than payment subject to tax at the rate specified in section 43(3) or (3A)) made on or after 1st January 2007 which would be assessable on the person receiving the payment for the year of assessment 2007.”;
(c)
by inserting, immediately after “20%” in subsection (2)(b), the words “or 18%”; and
(d)
by deleting subsections (9) and (10) and substituting the following subsections:
“(9) This section shall not apply to —
(a)
any interest derived from any qualifying debt securities issued during the period from 27th February 1999 to 31st December 2008, subject to such conditions as the Minister may impose;
(b)
any interest derived from any qualifying project debt securities issued during the period from 1st November 2006 to 31st December 2008, subject to such conditions as the Minister may impose.
(10) In this section, “qualifying debt securities” and “qualifying project debt securities” have the same meanings as in section 13(16).”.