A 134
Ord. No. 28/88
Amendment of section 59.
Amendment of section 63H.
5.
INLAND REVENUE (AMENDMENT)
Section 59(1B)(b) of the principal Ordinance is amended by deleting "$34,000" and substituting the following—
6.
proviso-
“$36,000".
Section 63H(1) of the principal Ordinance is amended in the
(a) in paragraph (d) by deleting “and” at the end;
(b) in paragraph (e)—
(i) by deleting "and all subsequent years of assessment"; and (ii) by deleting the full stop and substituting the following— "; and"; and
(c) by inserting after paragraph (e) the following—
Amendment of First
7.
Schedule.
Amendment of
Second Schedule.
"(f) for the year of assessment commencing on 1 April 1988 and all subsequent years of assessment, at the rate of 17 per cent.".
The First Schedule to the principal Ordinance is amended- (a) in the fifth paragraph by deleting "and until superseded"; and (b) by inserting after the fifth paragraph the following—
8.
"For the year of
assessment 1988/89 and
until superseded
-15 per cent.".
The Second Schedule to the principal Ordinance is amended—
(a) in the subheading “For the year of assessment 1987/88 and each
year thereafter" by deleting "and each year thereafter"; and
(b) by inserting at the end thereof the following--
"For the year of assessment 1988/89 and each year thereafter
SECOND COLUMN
(a) Upon the first $10,000
THIRD COLUMN
3 per cent
(b) Upon the next $10,000
6 per cent
(c)
do
9 per cent
(d)
do
12
per cent
(e)
do
15 per cent
(1)
do
18 per cent
(g)
do
21 per cent
Transitional.
(h) Upon the remainder
25 per cent".
9. For the purpose of calculating net chargeable income under section 63C(1) of the principal Ordinance in order to ascertain provisional salaries tax for the year of assessment commencing on 1 April 1988 the references in sections 12B(1)(b) and (2)(b) of the principal Ordinance to section 42B(1) shall be read as if they referred to section 42B(1) as amended by this Ordinance.
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Private notes are available after approval.