4.
INLAND REVENUE (AMENDMENT)
Ord. No. 28/88
A133
(a) in the case of a corporation, profits tax shall be
charged at the rate of 17 per cent; and
(b) in the case of a corporation to which a share of the assessable profits of a partnership is apportioned under section 22A and is charged in the partnership name under section 22, profits tax shall be charged on such share of the assessable profits at the rate of 17 per cent.".
Section 42B(1) of the principal Ordinance is amended---
(a) in paragraph (aa) by—
(i) deleting "$5,000" wherever it occurs and substituting the following-
"$7,000"; and
(ii) deleting "$34,000" wherever it occurs and substituting the following-
(b) in paragraph (bb) by—
"$36,000";
(i) deleting "$10,000" wherever it occurs and substituting the following-
"$14,000"; and
(ii) deleting "$70,000" wherever it occurs and substituting the following-
(c) in paragraph (c) by—
"$74,000";
(i) deleting "$11,000" and substituting the following--
"$12,000";
(ii) deleting "$8,000" and substituting the following-
"$8,500"; and
(iii) deleting "$31,000" and substituting the following-
"$32,500";
(d) in paragraph (d) by deleting "$9,000" and substituting the
following
"$10,000"; and
(e) by inserting after paragraph (dd) the following-
“(e) an allowance of $15,000 or an amount equal to the income of the wife which is aggregated with his income. (whichever is the less) if at any time during the year of assessment the individual was married to a wife whose net assessable income is aggregated with his net assessa- ble income under section 12B(2), but an individual shall not be granted an allowance under this paragraph in any year of assessment unless the Commissioner is satisfied that the income of the wife which is aggregated with that of the individual is reasonable in amount having regard to the services rendered in respect of which the income accrued.".
Amendment of section 42B.