7 14(2)(a)(vii) $4 500 001 and more.......................................................................... 45”. Amendments to Income Tax Act [Chapter 23:06] 8 Amendment of section 8 of Cap. 23:06 With effect from the year of assessment beginning on the 1st January, 2004, section 8 (“Interpretation of terms relating to income tax”) of the Income Tax Act [Chapter 23:06] is amended in subsection (1) in the definition of “gross income”— (a) in subparagraph II of paragraph (f) — (i) in proviso (vi) by the deletion of “in respect of the year of assessment beginning on the 1st January, 2003, and any subsequent year of assessment,” and the substitution of “in respect of the year of assessment beginning on the 1st January, 2004, and any subsequent year of assessment,”; (ii) by the insertion after proviso (vi) of the following proviso— “(vii) in the case of a motor vehicle, in respect of the year of assessment beginning on the 1st January, 2004, and any subsequent year of assessment, the cost to the employer shall be deemed to be the following⎯ (a) six hundred thousand dollars, in the case of a motor vehicle whose engine capacity does not exceed one thousand five hundred cubic centimetres; (b) one million two hundred and sixty 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; (c) two million four hundred and eighty thousand dollars, in the case of a motor vehicle whose capacity exceeds two thousand cubic centimetres but does not exceed three thousand cubic centimetres; (d) three million three hundred and twelve thousand 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;”; (b) in paragraph (r) by the deletion from subparagraph (ii) of “two hundred and fifty thousand” and the substitution of “one million”. 9 Amendment of section 15 of Cap. 23:06 With effect from the year of assessment beginning on the 1st January, 2004, section 15 (“Deductions allowed in determination of taxable income”) of the Income Tax Act [Chapter 23:06] is amended in subsection (2)— (a) in paragraph (f)—