20 (ii) by the deletion in subparagraph (o) of “one hundred and forty-four thousand dollars” and the substitution of “one million three hundred and forty-four thousand dollars”. (2) If a bonus is paid in each of the years of assessment ending on the 31st August and 31st December, 2006, and the sum of the bonuses exceeds one hundred thousand dollars in the period of twelve months ending on the 31st December, 2006, the excess amount shall not be exempt from income tax in terms of paragraph 4(o) of the Third Schedule. 23 Amendment of Fourth Schedule to Cap. 23:06 With effect from the year of assessment beginning on the 1st January, 2007, 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 (m) by the insertion after “1st January, 2006,” of “but before the 1st January, 2007,”; (ii) by the insertion after paragraph (m) of the following paragraph— “(n) in the case of any such building the erection of which was commenced on or after the 1st January, 2007, any building comprising or incorporating any residential unit the cost of which exceeds sixteen million dollars;”; (b) in paragraph 9 (“Rates of special initial allowance”) by the insertion after paragraph (f) of the following paragraph— “(g) on the 1st January, 2007, or on any subsequent year of assessment, be a sum equal to one hundred and fifty per centum in the case of a taxpayer which is a “small or medium enterprise” as defined in paragraph 1 of the Twenty-Ninth Schedule: Provided that one hundred per centum shall be allowed in the first year of assessment in which the taxpayer claims the special initial allowance in terms of this subparagraph, and twenty-five per centum in each of the next two years of assessment following that year;”; (c) in paragraph 14 (“Limitation on cost of passenger motor vehicle”)⎯ (i) in subparagraph (1)— A. in subparagraph (k) by the insertion after “1st January, 2006” of “, but before the 1st January, 2007”; B. by the insertion after subparagraph (k) of the following subparagraph— “(l) ten million dollars shall be disregarded, where the vehicle was purchased on or after the 1st January, 2007.”.