and Divisions) (Amendment) Rules, 2014

L.N. 410 of 2014

INCOME TAX ACT

(CAP. 123)

DUTY ON DOCUMENTS AND TRANSFERS ACT

(CAP. 364)

Rulings (Income Tax and Duty Treatment of Mergers

and Divisions) (Amendment) Rules, 2014

IN exercise of the powers conferred by articles 27A and 96 of

the Income Tax Act and article 32F of the Duty on Documents and

Transfers Act, the Minister for Finance has made the following rules:-

(1) The title of these rules is the Rulings (Income Tax

and Duty Treatment of Mergers and Divisions) (Amendment) Rules,

2014, and these rules shall be read and construed as one with the

Rulings (Income Tax and Duty Treatment of Mergers and Divisions)

Rules, hereinafter referred to as "the principal rules".

(2) These rules shall be deemed to have come into force on the

1st January, 2014.

Rule 2 of the principal rules shall be amended as follows

(a)

for the words "The Commissioner shall, on the

application of any one or more company involved in a merger or

division," there shall be substituted the words "The

Commissioner shall, on the application of any one or more

company involved in a merger, demerger, division,

amalgamation or reorganisation (hereinafter referred to as a

merger or division),"; and

(b) in the proviso thereto, for the words "for bona fide

commercial reasons" there shall be substituted the words "for

bona fide reasons".

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