Income Tax Act (Cap. 123), article 95

95. Where, in the opinion of the Commissioner, a series of transactions is effected with the sole or main purpose of reduc ing the amount of tax payable by any person by reason of the operat ion of the flat-rate foreign tax credit provisions as contained in articles 92 to 94, such a person shall be assessable as if the provision s did not apply. For the purposes of this article, a series of transactions shal l mean any two or more corresponding or circular transactions carried out by the same person, either directly or indirectly, as the case may be. PART XI POWER TO MAKE RULES INCOME TAX [CAP. 123. 213 Power to make rules. Amended by: XV . 1958.2; XVII.1961.3; XXV .1962.2,4; L.N. 4 of 1963; L.N. 46 of 1965. Renumbered by: XVII. 1994.2. Substituted by: XVII. 1994. 34. Amended by: II. 2003.24; II. 2005.14; II. 2009.15; XXXV .2023.15.