Income Tax Act (Cap. 123), article 94

94. (1) Where the flat-rate foreign tax credit is due in respect of the income or gains referred to in article 92, it shall be a dded to the said income or gains. The aggregate sum so obtained shall b e the amount that is chargeable to tax. (2) For a year of asse ssment in respect of the income computed in accordance with the provisions of sub-article (1), the amoun t of tax payable under this Act shall be reduced by the amount of th e flat-rate foreign ta x credit due in resp ect of that income: 212 CAP. 123.] INCOME TAX Provided that where the amount of the flat-rate foreign tax credit exceeds eighty-five per cen t of the tax payable computed by taking the tax payable on those profits which are to be allocat ed to the foreign income account and deducting therefrom any foreign tax set-off under the double tax ation relief, Commonwealth inco me tax relief and unilateral relief provisions, the amount of such exceeds shall not be available for set-off or refund for any purposes of the Income Tax Acts. (3) The provisions of article 77( 8), (9) and (10) and of article 78 shall apply mutatis mutandis in relation to the flat-rate foreign tax credit as they apply to double taxation relief. Anti-avoidance provisions. Added by: XVII. 1994.33.