Upon the first ten thousand dollars Upon the next ten thousand dollars Upon the next ten thousand dollars Upon the next ten thousand dollars Upon t the next ten thousand dollars Upon the next ten thousand dollars. Upon the next ten thousand dollars Upon the remainder
3% 6%
·9%
:12%
15%
18%
21%
25%
The total Salaries Tax payable by an individual is restricted to an amount not exceeding the standard rate on his total assessable income as reduced by outgoings and expenses and approved charitable donations, but before taking into account allowances. It should be noted therefore that when a certain level of income is reached (dependent upon allowances available) the allowances no longer reduce the tax payable (Example B at para. 16). The standard rates for the various years are as follows :-
Year of Assessment
1983/84
1984/85 to 1986/87
1987/88
1988/89
1989/90
Standard Rate
15%
17%
16.5%
15.5%
15%.
14. FINAL SALARIES TAX ASSESSMENT
The liability to Salaries Tax is based on the actual income (less expenses etc.) of the year of assessment, For example, the actual assessable income for the year from 1st April 1989 to 31st March 1990 will be used to finalize the assessment for the year of assessment 1989/90.
15. PROVISIONAL SALARIES TAX
Provisional Salaries Tax for a year is based on the income of the preceding year. If, however, there was ποτ a full year's income in that preceding year,
Provisional Salaries Tax is estimated on 12
months' income less allowances.
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