CO129-595-3 Proposed introduction of income tax 12-12-1946 - 26-1-1947 — Page 47

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the year of assessment, his assessable income for that year of

assessment shall be his income for one year from such day.

(4) Where a person ceases to receive income chargeable

to Salaries Tax his assessable income for the year of assesament

in which the cessation occurs shall be his income for the

period beginning on the first day of April in that year and

ending on the date of cessation.

13.

There shall be deducted from the assessable income

liable to salaries tax of any individual before arriving

at the net chargeable income the allowances provided in

section 42.

14. Salaries tax shall be charged for each year of asSO SE-

ment upon the net chargeable income for that year calculated

as provided by sections 10 to 13 at the following rates

(a) Upon the first

thousand dollars at

one-quarter of the standard rate.

(b) Upon the next

thousand dollars at

one-half of the standard bate.

(c) Upon the next

three-quarters of the standard rate.

thousand dollars at

(4) Upon the remainder at the standard rate.

Provided that where an individual is liable to tax

under this Chapter for a part only of any year of assessment,

the sums under (a) (b) and (c) of this section shall be

reduced in the proportion which the mumber of days during

which he is so liable bears to the mmber of days in that

year of assessment,