6
5
Amendment of section 22G of Cap. 23:04
With effect from the year of assessment beginning on the 1st January, 2004, section 22G
(“Intermediated money transfer tax”) of the Finance Act [Chapter 23:04] is amended by the
deletion of “five hundred cents” and the substitution of “fifty dollars”.
6
New section inserted in Cap. 23:04
With effect from the year of assessment beginning on the 1st December, 2003, Part III of
Chapter I of the Finance Act [Chapter 23:04] is amended by the insertion after section 22G of
the following section⎯
“22H NOCZIM debt redemption levy
The NOCZIM debt redemption levy chargeable in terms of section 36H of the
Taxes Act shall be calculated at the rate of one hundred and ten dollars per litre of a
petroleum product purchased by an oil company from NOCZIM, or one hundred and ten
dollars per litre of the petroleum product imported by an oil company, as the case may
be.”.
7
Amendment of Schedule to Chapter I of Cap. 23:04
With effect from the year of assessment beginning on the 1st January, 2004, the Schedule
(“Credits and Rates of Income Tax”) to Chapter I of the Finance Act [Chapter 23:04] is
amended—
(a) by the repeal of Part I and the substitution of—
“PART I
CREDITS
Section
Nature of credit
Specified
amount
$
10
Credit for taxpayers over 59 years of age .............................................120 000
11
Blind persons credit ............................................................................120 000
13
Mentally or physically disabled persons credit ....................................
120 000”;
(b) in Part II by the deletion of the items relating to the level of taxable income and the
substitution of—
“Section
Level of taxable income
Specified
percentage
%
14(2)(a)(i)
Up to $2 400 000 ................................................................................
0
14(2)(a)(ii)
$2 400 001 to $2 640 000 ..................................................................20
14(2)(a)(iii)
$2 640 001 to $2 880 000 ..................................................................25
14(2)(a)(iv)
$2 880 001 to $3 120 000 ..................................................................30
14(2)(a)(v)
$3 120 001 to $3 360 000...................................................................35
14(2)(a)(vi)
$3 360 001 to $4 500 000...................................................................40