9 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.". 11 Amendment of Third Schedule to Cap. 23:06 (1) The Third Schedule ("Exemptions from Income Tax") to the Income Tax Act [Chapter 23:06] is amended(a) in paragraph 4— (i) with effect from the 1st November, 2005, by the deletion in subparagraph (o) of "five million dollars" and the substitution of "twenty million dollars"; (ii) with effect from the 2nd December, 2005, in subparagraph (p)— A. by the deletion of "three hundred million" and the substitution of "one billion"; B. in the proviso by the deletion of "one thousand million two hundred thousand dollars" and the substitution of "four billion five hundred million dollars"; (iii) with effect from the year of assessment beginning on the 1st January, 2006, by the repeal of paragraph (v) and the substitution of— "(v) rental income to a taxpayer who is of or over the age of fifty-five years in respect of the first seventy-two million dollars accruing to the taxpayer in the year of assessment concerned."; (b) with effect from the year of assessment beginning on the 1st January, 2006, in paragraph 6 by the insertion of the following subparagraph after subparagraph (g)— "(h) a pension paid from a pension fund or the Consolidated Revenue Fund to a taxpayer who attained the age of fifty-five years before the commencement of the year of assessment;"; (c) with effect from the 1st January, 2006, by the repeal of paragraph 16. (2) If a bonus is paid in each of the years of assessment ending on the 31st August and 31st December, 2005, and the sum of the bonuses exceeds twenty million dollars in the period of twelve months ending on the 31st December, 2005, the excess amount shall not be exempt from income tax in terms of paragraph 4(o) of the Third Schedule to the Income Tax Act [Chapter 23:06]. 12 Amendment of Fourth Schedule to Cap. 23:06 With effect from the year of assessment beginning on the 1st January, 2006, 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 in the definition of "staff housing" in subparagraph (1)— (i) in subparagraph (l) by the insertion after "1st January, 2005," of "but before the 1st January, 2006,";