Deductions Allowed
20
Apart from the deductions for expenses, wholly, exclusively and necessarily incurred in the production of income, not being expenses of a private or domestic nature, the following allowances which apply as from the year 1973/74 are applied in reduction of assessable income:-
Personal allowance Allowance for wife
Allowance for the first child Allowance for the 2nd child
% 10,000
10,000
3,000
2,500
Allowance for the 3rd child
1,500
Allowance for each of the 4th,
5th and 6th child
1,000
Allowance for each of the 7th,
500
11,500
8th and 9th child
The maximum allowance for children is
The child allowances are for unmarried children who are either under 18 during year of assessment or over 18 but under 25 during the year of assessment and receiving full-time education at a university, college, school or other similar educational establishment. In addition, the child allowance is granted to a child over 18 years of age who is incapacitated for work by reason of physical or mental disability.
For the year of assessment 1973/74 tax will be
charged at the following rates:-
(a) Upon the first ten thousand dollars (b) Upon the next ten thousand dollars
5 per cent
(c)
do
(d)
do
(e)
do
(f) Upon the remainder
10 per cent
15 per cent
20 per cent
25 per cent
30 per cent
The total Salaries Tax payable by an individual is restricted to an amount not exceeding the Standard Rate (i e 15%) on his gross salary, e.g.
A married man with two children would pay tax for the year 1973/74 of % 8,850 on an income of $ 80,000 and tax of ₫ 18,000 on an income of % 120,000 calculated as follows:-
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