No.8 FL"<ANCE (No. 2) 2014 Amendments to Income Tax Act (Chapter 23:061 3 Amendment of section 80 of Cap. 23:06 With effect from the lst October. 2014, section 80 ("Withholding of amounts payable under contracts with State or statutory corporations") (1) of the Income Tax Act [Chapter 23:06] is amended in the definition of"contract" by the deletion of"five hundred thousand dollars or more or, where the contract is denominated in foreign currency, two hundred and fifty United States dollars or more" and the substitution of "an aggregate amount of two hundred and fifty United States dollars or more over the year of assessment". 4 Amendment of section 808 of Cap. 23:06 With effect from the 1st October, 2014, section 80B ("Payments to non-resident artists or entertainers") of the Income Tax Act [Chapter 23 :06] is amended (a) by the deletion of "artists" and "artist" wherever it occurs and the substitution of "artistes" and "artiste" respectively; (b) by the insertion of the following subsection after subsection (5)"( 6) Payment to the Commissioner by a withholding agent of any amount as provided in subsection (2) shall be accompanied by a certificate under the hand of the withholding agent showing the amount withheld. (7) Subject to subsection (9), a withholding agent who fails to withhold or pay to the Commissioner any amount as provided in subsection (2) shall be personally liable for the payment to the Commissioner, not later than the date on which payment should have been made in terms of subsection (2) of(a) the amount so provided; and (b) a further amount equal to such amount. (8) The amounts for the payment of which a withholding agent i.s liable in terms of subsection (7)(a) shall be debts due by the principal to the State; and (b) may be sued for afld recovered by action by the Commissioner in any court of competent jurisdiction. (9) The Commissioner, if he or she is satisfied in any particular case that the failure to pay to him or her any amount as provided in subsection (2) was not due to any intent to evade the provisions of this section, may waive the payment of the whole or such part as he or she thinks fit of the amount referred to in subsection (7)(b) .". 5 Amendment of Third Schedule to Cap. 23:06 The Third Schedule ("Exemptions from Income Tax") to the Income Tax Act [Chapter 23:06] is amended- (a) in paragraph 2 by the repeal of subparagraph (c) and the substitution of"( c) building societies, and financial institutions providing mortgage finance, but only to the extent that the receipts or accruals of such financial institutions arc attributable to the provision of mortgage finance by them. In this subparagraph"building society" means a building registered in terms of the Building Societies Act [Chapter 24:02]; 210 2014