28. Section 44 of the principal Act is amended —
by deleting “30%” in subsection (1) and substituting “27%”;
by inserting, immediately after subsection (11B), the following subsection:
“(11C) Notwithstanding anything in this Act, where tax on any dividend paid in 1993 has been deducted at the rate of 30% —
the amount of such dividend received by a shareholder shall be deemed to have been paid without deduction of tax and to be a dividend of such a gross amount as after deduction of tax at the rate of 27% would be equal to the net amount paid; and a sum equal to the difference between such gross amount and the net amount paid shall be deemed to have been deducted from the dividend as tax; and
the difference between the amount of the tax deducted at 30% from such dividend and the amount deemed to have been so deducted under paragraph (a) shall be added to the balance on the 1st day of the year of assessment 1994 and deemed to be a part thereof.”; and
by deleting the words “or 43K” in the fifth line of subsection (12)(f)(ii) and substituting the words “, 43K or 43L”.