8 B represents the cost at which the employer acquired the motor vehicle; C represents the figure B adjusted for annual inflation (as defined by the Central Statistics Office in respect of each year or part of a year of assessment from the date of acquisition to the date of sale or disposal): Provided that no advantage or benefit shall be deemed to have accrued to an employee who, on the date of the sale or disposal, is of or over the age of fifty-five years. In determining the market value of a motor vehicle for the purposes of this paragraph, the Commissioner shall have regard to the valuation of a member of such institution or association of motor dealers or valuers as is prescribed by the Commissioner by notice in the Gazette.". 7 Amendment of section 36C of Cap. 23:06 Section 36C ("Presumptive tax")(2) of the Income Tax Act [Chapter 23:06] is amended by the insertion after "the Finance Act, 2005," of "or (in the case of operators of goods vehicles and driving schools) the Finance (No. 2) Act, 2005". 8 Amendment of section 61 of Cap. 23:06 With effect from the 1st January, 2006, section 61 ("Public officer of companies") of the Income Tax Act [Chapter 23:06] is amended by the insertion of the following subsection after subsection (8)— "(8a) If a defaulting company referred to in subsection (8) does not pay the penalty in full on the date on which the default has ceased, interest, calculated at a rate to be fixed by the Minister by statutory instrument, shall be payable on so much of the penalty as remains unpaid by the company during the period beginning on the date the default has ceased and ending on the date the penalty is paid in full, and such interest shall be recoverable by the Commissioner by action in any court of competent jurisdiction: Provided that in special circumstances the Commissioner may extend the time for payment of the penalty without charging interest.". 9 Amendment of section 62 of Cap. 23:06 With effect from the 1st January, 2006, section 62 ("Time and manner of lodging objections")(4) of the Income Tax Act [Chapter 23:06] is amended in the proviso thereto by the deletion of "six months" and the substitution of "three months". 10 Amendment of section 80 of Cap. 23:06 With effect from the 1st January, 2006, section 80 ("Withholding of amounts payable under contracts with State or statutory corporations") of the Income Tax Act [Chapter 23:06] is amended by the insertion of the following subsection after subsection (9)— "(10) If a defaulting statutory body, quasi-Governmental institution or registered taxpayer referred to in subsection (7) does not pay the penalty in full on the date on which the default has ceased, interest, calculated at a rate to be fixed by the Minister by statutory instrument, shall be payable on so much of the penalty as remains unpaid by the statutory body, quasi-Governmental institution or registered taxpayer during the period beginning on the date the default has ceased and ending on the date the penalty is paid in full, and such