7 14(2)(a)(iv) $336 000 001 to $480 000 000 .......................................................... 30 14(2)(a)(v) $480 000 001 and above .................................................................... 35". (ii) by the deletion of the item relating to section 14(2)(e) and the substitution of— "14(2)(e) Taxable income of licensed investor (before the end of the fifth year of his operations as such) .......................................... 0 Taxable income of licensed investor (after the fifth 15 year of his operations as such)............................................................ Amendments to Income Tax Act [Chapter 23:06] 6 Amendment of section 8 of Cap. 23:06 With effect from the year of assessment beginning on the 1st January, 2006, section 8 ("Interpretation of terms relating to income tax")(1) of the Income Tax Act [Chapter 23:06] is amended in the definition of "gross income" in paragraph (f) II— (a) in proviso (viii) by the deletion of "in respect of the year of assessment beginning on the 1st January, 2005, and any subsequent year of assessment," and the substitution of "in respect of the year of assessment beginning on the 1st January, 2006, and any subsequent year of assessment,"; (b) by the insertion after proviso (viii) of the following provisos— "(ix) in the case of a motor vehicle, in respect of the year of assessment beginning on the 1st January, 2006, and any subsequent year of assessment, the cost to the employer shall be deemed to be the following⎯ (a) nine million dollars, in the case of a motor vehicle whose engine capacity does not exceed one thousand five hundred cubic centimetres; (b) fifteen million dollars, in the case of a motor vehicle whose capacity exceeds one thousand five hundred cubic centimetres but does not exceed two thousand cubic centimetres; (c) eighteen million dollars, in the case of a motor vehicle whose capacity exceeds two thousand cubic centimetres but does not exceed three thousand cubic centimetres; (d) twenty-four million dollars, in the case of a motor vehicle whose capacity exceeds three thousand cubic centimetres; and such deemed cost shall be reduced proportionally where the period of use of the motor vehicle is less than the year of assessment; (x) in the case of a sale or disposal of a motor vehicle to an employee, whether during or on termination of the employee’s employment, in respect of the year of assessment beginning on the 1st January, 2006, and any subsequent year of assessment, the deemed benefit shall be determined in accordance with the following formula: A – (B + C) ". where— A represents the market value of the motor vehicle;