Dividend tax reference tied to the amount of income-tax payable, with shareholder treated as the actual taxpayer on dividends.

The amendment substitutes the prior fixed percentage reference with the amount of income-tax payable by it under this Act for application of the dividend provision, and inserts an Explanation deeming references to the shareholder to be references to any other person who is chargeable to tax on the dividend, thereby directing that the operative reference and tax chargeability follow the actual taxpayer for the dividend.

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