11 16 Amendment of section 64 of Cap. 23:06 Section 64 ("Special Court for Income Tax Appeals and proceedings on appeal") of the Income Tax Act [Chapter 23:06] is amended by the repeal of subsection (7) and the substitution of— “(7) The Registrar of the High Court shall be the Registrar of the Special Court and shall ensure the proper functioning of the court.”. 17 Amendment of section 72 of Cap. 23:06 With effect from the year of assessment beginning on the 1st January, 2007, section 72 (“Payment of provisional tax”) of the Income Tax Act [Chapter 23:06] is amended by the repeal of subsection (7) and the substitution of⎯ “(7) Subject to this section, the instalments of provisional tax payable in terms of subsection (2) shall be paid as follows⎯ (a) the first quarterly instalment, of ten per centum of the provisional tax payable, shall be paid on or before the 25th March in relevant year of assessment; and (b) the second quarterly instalment, of twenty-five per centum of the provisional tax payable, shall be paid on or before the 25th June in the relevant year of assessment; and (c) the third quarterly instalment, of thirty per centum of the provisional tax payable shall be paid on or before the 25th September in the relevant year of assessment; and (d) the fourth quarterly instalment, of thirty-five per centum of the provisional tax payable, shall be paid on or before the 20th December in the relevant year of assessment: Provided that, for the avoidance of doubt, the Commissioner shall waive penalties under circumstances where the taxpayer fails to forecast profits within a ten per centum margin of error.". 18 Amendment of section 80 of Cap. 23:06 With effect from the year of assessment beginning on the 1st January, 2007, 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 thousand dollars” and the substitution of “five hundred thousand dollars”. 19 New Part inserted in Cap. 23:06 With effect from the 1st January, 2007, the Income Tax Act [Chapter 23:06] is amended by the insertion after Part VIII of the following Part⎯