Non-resident interest exemption added; superannuation payment scope clarified; continuity approval and extended continuity period introduced. Section 10 is amended to: exempt interest credited to non-resident bank accounts maintained under the Foreign Exchange Regulation Act; require Central Government approval before the specified date for continuity of eligibility and extend the continuity period from twenty-four to sixty months; substitute clause (13) to specify qualifying payments from approved superannuation funds (death benefits, commuted annuity on retirement or incapacitation, and limited refunds of contributions); and insert an exemption for amounts adjusted or paid under tax credit certificates issued under Chapter XXIIB.
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Non-resident interest exemption added; superannuation payment scope clarified; continuity approval and extended continuity period introduced.
Section 10 is amended to: exempt interest credited to non-resident bank accounts maintained under the Foreign Exchange Regulation Act; require Central Government approval before the specified date for continuity of eligibility and extend the continuity period from twenty-four to sixty months; substitute clause (13) to specify qualifying payments from approved superannuation funds (death benefits, commuted annuity on retirement or incapacitation, and limited refunds of contributions); and insert an exemption for amounts adjusted or paid under tax credit certificates issued under Chapter XXIIB.
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