Annex 5.4: Companies Act 1955 References

The taxation implications of company law reform

A discussion document

December 1993

Section 2 - Definitions of the terms "director" and "winding up".
Section 4(1)(b)(ii) - Meaning of term "dividends".
Section 64F(1)(c)(ii) - Income and expenditure treatment where financial arrangement redeemed.
Section 78(2)(b) - Amounts remitted to be taken into account in computing income.
Section 188(6)(c)(ii) - Carrying forward of losses.
Section 211B(10)(b) - Special partnerships.
Section 214D - Interpretation of petroleum mining provisions.
Section 245J(12) - Branch equivalent income calculation.
Section 276(1) - Liability of directors and shareholders for tax payable by company left with insufficient assets.
Section 327Q(3) - Recovery of resident withholding tax deductions.
Section 365(2)(b), (3) - Recovery of tax deductions from employers.
Section 367(1)(c) - Unpaid tax deductions to constitute charge on employer's property.
Section 400(1) - Deduction of tax from payment due to defaulters. (No Companies Act reference will remain in section 400(1) following the deletion of redundant paragraphs (a) and (b) of the definition of "bank" in this provision.)

Section 42(2)(b) - Recovery of tax.
Section 43(1) - Deduction of tax from payment due to defaulters (for the same reason as for section 400 of the Income Tax Act, the Companies Act reference in this provision can be removed).
Section 55(8) - Group of companies.

Section 6(2)(i) - Situation of property for the purpose of determining the dutiable estate.