4 PART II INCOME TAX Amendments to Chapter I of Finance Act [Chapter 23:04] 2 Amendment of section 14 of Cap. 23:04 With effect from the year of assessment beginning on the 1st January, 2004, section 14 (“Income tax for periods of assessment after 1.4.88”) of the Finance Act [Chapter 23:04] is amended in subsection (2) by the repeal of paragraph (a) and the substitution of— “(a) in the case of a person other than a company, a trust or a pension fund, at the specified percentage of each dollar of each of the following parts of his taxable income from employment— (i) so much as does not exceed two million four hundred thousand dollars; (ii) so much as exceeds two million four hundred thousand dollars but does not exceed two million six hundred and forty thousand dollars; (iii) so much as exceeds two million six hundred and forty thousand dollars but does not exceed two million eight hundred and eighty thousand dollars; (iv) so much as exceeds two million eight hundred and eighty thousand dollars but does not exceed three million one hundred and twenty thousand dollars; (v) so much as exceeds three million one hundred and twenty thousand dollars but does not exceed three million three hundred and sixty thousand dollars; (vi) so much as exceeds three million three hundred and sixty thousand dollars but does not exceed four million five hundred thousand dollars; (vii) so much as exceeds four million five hundred thousand dollars;”. 3 Amendment of section 22B of Cap. 23:04 With effect from the year of assessment beginning on the 1st January, 2004, section 22B (“Automated financial transactions tax”) of the Finance Act [Chapter 23:04] is amended by the deletion of “five hundred cents” and the substitution of “fifty dollars”. 4 Amendment of section 22E of Cap. 23:04 With effect from the year of assessment beginning on the 1st January, 2004, section 22E of the Finance Act [Chapter 23:04] is repealed and substituted by⎯ “22E Carbon tax (1) Subject to subsection (2), the carbon tax chargeable in terms of section 36E of the Taxes Act shall be calculated in respect of each motor vehicle for which a person is liable to pay the tax at the following rates in accordance with the following ranges of engine capacity of a motor vehicle⎯ (a) twenty thousand dollars, in the case of a motor vehicle whose engine capacity does not exceed one thousand five hundred cubic centimetres; (b) thirty-five thousand 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;