(1) Tax shall be charged at the rate of three per cent for a year of assessment upon the chargeable profits of an offshore company carrying on an offshore business activity which is an offshore trading activity for the basis period for that year of assessment.
(2) The chargeable profits of an offshore company carrying on an offshore business activity which is an offshore trading activity fora year of assessment shall be the net profits as reflected in the audited accounts in respect of such offshore trading activity of the offshore company for the basis period for that year of assessment.
An offshore company carrying on an offshore business activity which is an offshore trading activity shall, within a period of three months (or any extended period as may be allowed by the Director-General) from the commencement of a year of assessment, file a statutory declaration and a return of its profits for that year of assessment in the prescribed forms to the Director-General.
Upon receipt of a return of its profits referred to in section 5 for a year of assessment, the Director-General shall make an assessment in the prescribed form for that year of assessment and shall serve a notice of assessment, personally or by post, on the offshore company concerned. Tar Charged upon Election
