This section provides rules for computing the corporation tax attributable to any income or chargeable gains in respect of which, under double taxation arrangements, credit for foreign tax can be allowed. This is necessary because, under paragraph 4 of Schedule 10 to the Income Tax Act, 1967, as applied to corporation tax by section 22, the credit for foreign tax allowable against corporation tax must not exceed the corporation tax so attributable.
SECTION 23.
Question proposed: " That section 23 stand part of the Bill."
Essentially, this deals with tax which has been paid elsewhere and which this country is foregoing.
Yes. We will not forego any more than the corporation tax liability.
Question put and agreed to.