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Income Tax (Amendment) (No 1) Act 1997

REPUBLIC OF KIRIBATI

INCOME TAX (AMENDMENT) (No. 1) Act
(No. 18 of 1997)

AN ACT TO AMEND THE INCOME TAX ACT (1990)

MADE by the Maneaba ni Maungatabu and assented to by the Beretitenti.

Short Title

1. This Act may be cited as the Income Tax (Amendment) (No. 1) Act 1997.

Amendment of Section 74

2. Section 74 of the Principal Act is hereby amended by repealing the whole section and substituting it with the following:
   

"74.(1) The chargeable income of the Kiribati Cooperative Copra Society Ltd is exempt from income tax.

(2) Subject to subsection (1) under this Act of any Co-Operative Society which is registered under the Co-operative Societies Ordinance (Cap. 14) shall not include income derived from the sale of copra, and any bonus paid out to its members shall be subtracted as a deduction."

Amendment of Section 101(7)

4. Section 101(7) of the Principal Act is hereby amended by deleting "1 year" appearing immediately after the word "within" and before the word "of" in the second line, and substituting it with "90 days".
   

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INCOME TAX (AMENDMENT) (NO. 1) ACT 1997

EXPLANATORY MEMORANDUM

1. The purpose of this amendment to the Income Tax Act is to retain at section 74 the position of the Kiribati Co-operative Copra Society Ltd., not to be taxed on any income earned and to subject the income of the Co-operative Societies to tax except income earned from the sale of copra. Any amount that is paid as bonus to members of Co-operative Societies is allowed as a deduction.

2. In section 101(7) the period is reduced within which the taxpayer shall lodge his appeal to the Tax Tribunal, from 1 year to 90 days.

Michael N. Takabwebwe
Attorney General