(i) by the deletion in subparagraph (n) of “one million three hundred and forty-four thousand dollars” and the substitution of “three billion dollars”; (ii) by the deletion in subparagraph (o) of “one million three hundred and forty-four thousand dollars” and the substitution of “three billion dollars”. (2) If a bonus is paid in each of the years of assessment ending on the 30th June, 31st August and 31st December, 2007, and the sum of the bonuses exceeds one hundred thousand dollars in the period of twelve months ending on the 31st December, 2007, the excess amount shall not be exempt from income tax in terms of paragraph 4(o) of the Third Schedule. 13 Amendment of Fourth Schedule to Cap. 23:06 With effect from the year of assessment beginning on the 1st January, 2008, the Fourth Schedule (“Deductions to be Allowed in Respect of Buildings, Improvements, Machinery and Equipment Used for Commercial, Industrial and Farming Purposes, and Other Provisions Relating Thereto”) to the Income Tax Act [Chapter 23:06] is amended— (a) in paragraph 1 (“Interpretation”) in the definition of “staff housing” in subparagraph (1)— (i) in subparagraph (n) by the insertion after “1st January, 2007,” of “but before the 1st January, 2008,”; (ii) by the insertion after paragraph (n) of the following paragraph— “(o) in the case of any such building the erection of which was commenced on or after the 1st January, 2008, any building comprising or incorporating any residential unit the cost of which exceeds one hundred billion dollars or an amount equivalent to fifty per centum of the cost of constructing the building, whichever is the lesser amount;”; (b) in paragraph 14 (“Limitation on cost of passenger motor vehicle”)⎯ (i) in subparagraph (1)— A. in subparagraph (l) by the insertion after “1st January, 2007” of “, but before the 1st January, 2008”; B. by the insertion after subparagraph (l) of the following subparagraph— “(m) fifty per centum of the cost of acquisition of the vehicle, or one hundred billion dollars, whichever is the lesser amount, shall be disregarded, where the vehicle was purchased on or after the 1st January, 2008.”. 14 Amendment of Sixth Schedule to Cap. 23:06 With effect from the year of assessment beginning on the 1st January, 2008, the Sixth Schedule (“Deductions in Respect of Contributions to Benefit and Pension Funds and the Consolidated Revenue Fund”) to the Income Tax Act [Chapter 23:06] is amended— (a) in paragraph 10 by the repeal of subparagraph (b) and the substitution of— “(b) eleven million five hundred thousand dollars;”;