9 Amendment of section 15 of Cap. 23:06 With effect from the year of assessment beginning on the 1st January, 2008, section 15 (“Deductions allowed in determination of taxable income”) of the Income Tax Act [Chapter 23:06] is amended in subsection (2)— (a) in paragraph (r1) by the deletion from the proviso of “twenty-five million dollars” and the substitution of “twenty billion dollars”; (b) in paragraph (r2) by the deletion from the proviso of “twenty-five million dollars” and the substitution of “twenty billion dollars”; (c) in paragraph (r3) by the deletion from the proviso of “twenty-five million dollars” and the substitution of “twenty billion dollars”; (d) in paragraph (w) by the deletion of “one million dollars” and the substitution of “seven billion five hundred million dollars”. 10 Amendment of section 72 of Cap. 23:06 Section 72(7) of the Income Tax Act [Chapter 23:06] is amended in the proviso thereto by the deletion of “penalties” and the substitution of “interest”. 11 Amendment of section 80 of Cap. 23:06 With effect from the year of assessment beginning on the 1st January, 2008, section 80 (“Withholding of amounts payable under contracts with State or statutory corporations”) (1) of the Income Tax Act [Chapter 23:06] is amended in the definition of “contract” by the deletion of “five hundred thousand dollars” and the substitution of “five hundred million dollars”. 12 Amendment of Third Schedule to Cap. 23:06 (1) The Third Schedule (“Exemptions from Income Tax”) to the Income Tax Act [Chapter 23:06] is amended— (a) in paragraph 4— (i) with effect from the 1st November, 2007, by the deletion in subparagraph (o) of “one hundred thousand dollars” and the substitution of “seventy-five million dollars”; (ii) with effect from the 1st January, 2008, in subparagraph (p)— A. by the deletion of “twenty-five million dollars” and the substitution of “one billion dollars”; B. in the proviso by the deletion of “one hundred million dollars” and the substitution of “ten billion dollars”; (iii) with effect from the year of assessment beginning on the 1st January, 2008, by the deletion in subparagraph (v) of “one million three hundred and forty-four thousand dollars” and the substitution of “three billion dollars”; (b) in paragraph 10(1), with effect from the year of assessment beginning on the 1st January, 2008—