7
(b) in Part II by the deletion of the items relating to the level of taxable income and the
substitution of—
14(2)(a)(i)
Specified
percentage
Level of taxable income
%
Up to $1 200 000 ................................................................................
0
14(2)(a)(ii)
$1 200 001 to $2 400 000 ..................................................................25
14(2)(a)(iii)
$2 400 001 to $3 600 000 ..................................................................30
14(2)(a)(iv)
$3 600 001 to $12 000 000 ................................................................35
14(2)(a)(v)
$12 000 001 to $36 000 000 ...............................................................40
14(2)(a)(vi)
$36 000 001 to 60 000 000 .................................................................45
“Section
14(2)(a)(vii) $60 000 001 and above ......................................................................
47,5”.
Amendments to Income Tax Act [Chapter 23:06]
9
Amendment of section 2 of Cap. 23:06
With effect from the year of assessment beginning on the 1st January, 2007, section 2
(“Interpretation”) (1) of the Income Tax Act [Chapter 23:06] is amended—
(a) by the repeal of the definition of “assessment” and the substitution of—
““assessment” means—
(a) the determination of taxable income and of the credits to which a person is
entitled in terms of the charging Act; or
(b) the determination of an assessed loss ranking for deduction;
and includes a self-assessment in terms of section 37A;";
(b) by the insertion of the following definitions—
““return” includes a self-assessment return;
“self-assessment return” means a return rendered in terms of section 37A;”.
10 Amendment of section 7 of Cap. 23:06
With effect from the year of assessment beginning on the 1st January, 2007, section 7
(“Calculation of income tax”) of the Income Tax Act [Chapter 23:06] is amended by the insertion
of the following subsection, the existing section becoming subsection (1)—
“(2) The tax payable in respect of a self-assessment return shall be calculated in
accordance with subsection (1) in respect of each year of assessment during which a
taxpayer carried on a trade and is required to submit a self-assessment return in terms of
section 37A.”.