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\rsid7830946\rsid8274549\rsid8479978\rsid9272141\rsid9851003\rsid10648347\rsid11798442\rsid11873060\rsid12582984\rsid12999924\rsid13321204\rsid13711249\rsid15163513}{\*\generator Microsoft Word 10.0.6764;}{\info{\author Emalus Campus}{\operator blake_r} {\creatim\yr2003\mo11\dy5\hr9}{\revtim\yr2006\mo2\dy7\hr15\min25}{\version15}{\edmins28}{\nofpages4}{\nofwords876}{\nofchars4996}{\*\company USP}{\nofcharsws5861}{\vern16391}}\margl1440\margr1440 \widowctrl\ftnbj\aenddoc\noxlattoyen\expshrtn\noultrlspc\dntblnsbdb\nospaceforul\subfontbysize\hyphcaps0\formshade\horzdoc\dghspace120\dgvspace120\dghorigin1701\dgvorigin1984\dghshow0\dgvshow3 \jcompress\viewkind4\viewscale100\pgbrdrhead\pgbrdrfoot\nolnhtadjtbl\rsidroot7616998 \fet0\sectd \linex0\sectdefaultcl\sftnbj {\*\pnseclvl1\pnucrm\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl2\pnucltr\pnstart1\pnindent720\pnhang {\pntxta .}} {\*\pnseclvl3\pndec\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl4\pnlcltr\pnstart1\pnindent720\pnhang {\pntxta )}}{\*\pnseclvl5\pndec\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl6\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (} {\pntxta )}}{\*\pnseclvl7\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl8\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl9\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}\pard\plain \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1861962 \fs20\lang2057\langfe5129\cgrid\langnp2057\langfenp5129 {\b\fs24\insrsid1861962 COOK ISLANDS \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10648347 {\b\fs24\insrsid1861962 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1861962 {\b\fs24\insrsid1861962 INCOME TAX AMENDMENT }{\b\fs24\insrsid8479978 (No 2) }{\b\fs24\insrsid1861962 ACT}{\b\fs24\insrsid12999924 }{\b\fs24\insrsid1861962 1997}{ \b\fs24\insrsid1861962\charrsid1861962 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1861962 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1861962 {\fs24\insrsid9272141\charrsid13321204 ANALYSIS \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1861962 \par }{\fs24\insrsid9272141\charrsid13321204 Title \par }{\fs24\insrsid1861962 1. }{\fs24\insrsid9272141\charrsid13321204 Short title, principal Act}{\fs24\insrsid13321204 }{\fs24\insrsid1861962\charrsid13321204 and commencement}{\fs24\insrsid1861962 \par }{\fs24\insrsid9272141\charrsid13321204 2.}{\fs24\insrsid13321204 }{\fs24\insrsid9272141\charrsid13321204 Basic Rates of Income Tax}{\fs24\insrsid1861962 }{\fs24\insrsid9272141\charrsid13321204 and Bonus Issue Tax \par }{\fs24\insrsid1861962 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1861962 {\fs24\insrsid1861962 ---------------------------------------------- \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1861962 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1861962 {\b\fs24\insrsid9272141\charrsid1861962 1997, No. 21 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1861962\charrsid13321204 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8479978 {\fs24\ul\insrsid9272141\charrsid1861962 An Act to amend the Income Tax Act 1997 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1861962\charrsid13321204 \par }\pard \qr \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1861962 {\fs24\insrsid9272141\charrsid13321204 (27 November 1997}{\fs24\insrsid9272141 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1861962\charrsid13321204 \par }{\b\fs24\insrsid9272141\charrsid7830946 BE IT ENACTED}{\fs24\insrsid9272141\charrsid13321204 by the Parliament of the Cook Islands in Session assembled, and by the authority of the same, as follows:}{\fs24\insrsid9272141 \par }{\fs24\insrsid1861962\charrsid13321204 \par }{\fs24\insrsid9272141\charrsid13321204 1.}{\fs24\insrsid13321204 }{\fs24\ul\insrsid9272141\charrsid1861962 Short Title, Principal Act and commencement }{\fs24\insrsid13321204 -}{\fs24\insrsid9272141\charrsid13321204 (1) This Act may be cited as the Income }{\fs24\insrsid1861962 Tax Amendment (No. 2) Act 1997.}{\fs24\insrsid9272141 \par }{\fs24\insrsid7830946 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7830946 {\i\fs24\insrsid1861962 The first Income Tax Amendment Act 1997 amended the Income Tax Act 1972, which was repealed from 1 July 1997 by the Income Tax Act 1997. Although this present Act is the first Act to amend the Income Tax Act 1997, it is intitu}{\i\fs24\insrsid7830946 l}{ \i\fs24\insrsid1861962 ed the Income Tax Amendment (No. 2) Act to distinguish it from the earlier 1997 Act which amended the (now repealed) Income Tax Act 1972.}{\i\fs24\insrsid1861962\charrsid1861962 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1861962\charrsid13321204 \par }{\fs24\insrsid9272141\charrsid13321204 (2) This Act shall be read together with and deemed part of the Income Tax Act 1997 which is referred to in this Act as the principal Act.}{\fs24\insrsid9272141 \par }{\fs24\insrsid1861962\charrsid13321204 \par }{\fs24\insrsid9272141\charrsid13321204 (3) This Act shall come into force on 1 December 1997. \par }{\fs24\insrsid1861962 \par }{\fs24\insrsid9272141\charrsid13321204 2.}{\fs24\insrsid13321204 }{\fs24\ul\insrsid9272141\charrsid1861962 Basic Rates of Income Tax and Bonus Issue Tax}{\fs24\insrsid9272141\charrsid13321204 }{\fs24\insrsid13321204 -}{ \fs24\insrsid9272141\charrsid13321204 Part A of the First Schedule to the principal Act is amended by repealing items 4 and 5, entitled }{\fs24\insrsid8274549 "}{\fs24\insrsid9272141\charrsid13321204 Natural Persons Resident in the Cook Islands}{ \fs24\insrsid8274549 "}{\fs24\insrsid9272141\charrsid13321204 , and }{\fs24\insrsid8274549 "}{\fs24\insrsid9272141\charrsid13321204 Other Taxpayers}{\fs24\insrsid8274549 "}{\fs24\insrsid9272141\charrsid13321204 respectively, and substituting the following:}{\fs24\insrsid1861962 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1861962 {\fs24\insrsid8274549 "}{\fs24\insrsid9272141\charrsid13321204 4. }{\fs24\ul\insrsid9272141\charrsid11873060 Natural Persons Resident in the Cook Islands}{ \fs24\insrsid9272141\charrsid13321204 }{\fs24\insrsid13321204 -}{\fs24\insrsid9272141\charrsid13321204 In the case of any taxpayer who is an individual natural person resident in the Cook Islands (not merely acting as a trustee), the basic rate of tax for every $1 of taxable income shall be }{\fs24\insrsid11873060 -}{\fs24\insrsid9272141 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1861962\charrsid13321204 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid11873060 {\fs24\insrsid9272141\charrsid13321204 (a) in respect of the income year which commenced on 1 January 1997 the effective rate of tax ascertained by calculating tax on that taxable income from all sources in accordance with the following formula: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1861962 \par }\pard \qc \li1440\ri0\widctlpar\brdrb\brdrs\brdrw30\brsp20 \faauto\adjustright\rin0\lin1440\itap0\pararsid11873060 {\fs24\insrsid8274549 '}{\fs24\insrsid9272141\charrsid13321204 tax payable on first}{\fs24\insrsid13321204 -}{\fs24\insrsid1861962 half year earnings}{\fs24\insrsid8274549 '}{\fs24\insrsid1861962 }{\fs24\insrsid9272141\charrsid13321204 +}{\fs24\insrsid1861962 }{\fs24\insrsid8274549 '}{\fs24\insrsid9272141\charrsid13321204 tax payable on second}{\fs24\insrsid13321204 -}{ \fs24\insrsid1861962 half year earnings}{\fs24\insrsid8274549 '}{\fs24\insrsid1861962 \par }\pard \qc \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid11873060 {\fs24\insrsid9272141\charrsid13321204 taxable income}{\fs24\insrsid9272141 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1861962\charrsid13321204 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid12582984 {\fs24\insrsid9272141\charrsid13321204 where: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1861962 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid12582984 {\fs24\insrsid8274549 '}{\fs24\insrsid9272141\charrsid13321204 tax payable on first}{\fs24\insrsid13321204 -}{\fs24\insrsid9272141\charrsid13321204 half year earnings} {\fs24\insrsid8274549 '}{\fs24\insrsid9272141\charrsid13321204 is the aggrega}{\fs24\insrsid12582984 te of tax payable in respect of}{\fs24\insrsid9272141\charrsid13321204 each source of taxable income calculated in accordance with the following formula: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1861962 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1861962 {\fs24\ul\insrsid1861962\charrsid1861962 a x b \par }{\fs24\insrsid1861962 2 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1861962 {\fs24\insrsid1861962 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid12582984 {\fs24\insrsid9272141\charrsid13321204 where: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1861962 \par }\pard \ql \fi-709\li2127\ri0\widctlpar\faauto\adjustright\rin0\lin2127\itap0\pararsid12582984 {\fs24\insrsid9272141\charrsid13321204 a}{\fs24\insrsid12582984 \tab }{\fs24\insrsid9272141\charrsid13321204 is an amount (referred to in this Schedule as }{ \fs24\insrsid8274549 '}{\fs24\insrsid9272141\charrsid13321204 first}{\fs24\insrsid13321204 -}{\fs24\insrsid11798442 half}{\fs24\insrsid9272141\charrsid13321204 year income}{\fs24\insrsid8274549 '}{\fs24\insrsid9272141\charrsid13321204 ) obtained by multiplying by two the taxable income of the taxpayer from each source }{\fs24\insrsid11798442 earned in the }{\fs24\insrsid9272141\charrsid13321204 period 1 January to 30 June 1997, where such taxable income }{\fs24\insrsid12582984 -}{ \fs24\insrsid9272141 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1861962\charrsid13321204 \par }\pard \ql \li2880\ri0\widctlpar\faauto\adjustright\rin0\lin2880\itap0\pararsid9851003 {\fs24\insrsid1861962 (i) }{\fs24\insrsid9272141\charrsid13321204 excludes any standard supplemental deduction permitted under section 44; and}{\fs24\insrsid9272141 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1861962\charrsid13321204 \par }\pard \ql \li2880\ri0\widctlpar\faauto\adjustright\rin0\lin2880\itap0\pararsid9851003 {\fs24\insrsid1861962 (ii)}{\fs24\insrsid12582984 }{\fs24\insrsid9272141\charrsid13321204 takes account only once of any deductions permitted under section 232 or one half of any deduction permitted under section 70; and}{\fs24\insrsid9272141 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1861962\charrsid13321204 \par }\pard \ql \fi-687\li2127\ri0\widctlpar\faauto\adjustright\rin0\lin2127\itap0\pararsid8274549 {\fs24\insrsid8274549 b \tab }{\fs24\insrsid9272141\charrsid13321204 is tax in respect of each source of first}{\fs24\insrsid13321204 -}{ \fs24\insrsid9272141\charrsid13321204 half year income referred to in item }{\fs24\insrsid8274549 '}{\fs24\insrsid9272141\charrsid13321204 a}{\fs24\insrsid8274549 '}{\fs24\insrsid9272141\charrsid13321204 of this fo}{\fs24\insrsid8274549 rm}{ \fs24\insrsid9272141\charrsid13321204 ula ascertained in accordance with the rates of tax specified in Part B of this Schedule and calculated as if the taxpayer}{\fs24\insrsid8274549 '}{\fs24\insrsid9272141\charrsid13321204 s income from that source were the only source of income of the taxpayer;}{\fs24\insrsid9272141 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8274549 {\fs24\insrsid11798442 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid8274549 {\fs24\insrsid8274549 '}{\fs24\insrsid9272141\charrsid13321204 tax payable on second}{\fs24\insrsid13321204 -}{\fs24\insrsid9272141\charrsid13321204 half year earnings} {\fs24\insrsid8274549 '}{\fs24\insrsid9272141\charrsid13321204 is an amount calculated in accordance with the following formula:}{\fs24\insrsid9272141 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1861962 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11798442 {\fs24\ul\insrsid11798442\charrsid11798442 c x d \par }{\fs24\insrsid11798442 2 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11798442 {\fs24\insrsid11798442\charrsid13321204 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid8274549 {\fs24\insrsid9272141\charrsid13321204 where: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid11798442 \par }\pard \ql \fi-687\li2127\ri0\widctlpar\faauto\adjustright\rin0\lin2127\itap0\pararsid8274549 {\fs24\insrsid8274549 c \tab }{\fs24\insrsid9272141\charrsid13321204 is the amount obtained by multiplying by two the taxable income of the taxpayer (before any deductions permitted under sections 44, 70 and 232) earned in the period 1 July 1997 to 31 December 1997 and deducting from the amount so calculated:}{ \fs24\insrsid9272141 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid11798442\charrsid13321204 \par }\pard \ql \li2880\ri0\widctlpar\faauto\adjustright\rin0\lin2880\itap0\pararsid9851003 {\fs24\insrsid11798442 (i) }{\fs24\insrsid9272141\charrsid13321204 $6,000 (being the standard supplemental deduction permitted under section 44 in respect of the income year which commenced on 1 January 1997, multiplied by 2); and}{\fs24\insrsid9272141 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11798442 {\fs24\insrsid11798442\charrsid13321204 \par }\pard \ql \li2880\ri0\widctlpar\faauto\adjustright\rin0\lin2880\itap0\pararsid9851003 {\fs24\insrsid9272141\charrsid13321204 (ii)}{\fs24\insrsid13321204 }{\fs24\insrsid9272141\charrsid13321204 any deductio}{\fs24\insrsid11798442 n permitted under section 70; a}{\fs24\insrsid9272141\charrsid13321204 nd}{\fs24\insrsid9272141 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid11798442 \par }\pard \ql \fi-687\li2127\ri0\widctlpar\faauto\adjustright\rin0\lin2127\itap0\pararsid8274549 {\fs24\insrsid11798442\charrsid13321204 d}{\fs24\insrsid11798442 }{\fs24\insrsid8274549 \tab }{\fs24\insrsid11798442\charrsid13321204 is tax on }{ \fs24\insrsid8274549 '}{\fs24\insrsid11798442\charrsid13321204 c}{\fs24\insrsid8274549 '}{\fs24\insrsid11798442\charrsid13321204 of this formula ascertained in accordance with the rates of tax specified in Part C of this Schedule. Provided that for the purposes of calculating the effective rate of tax on taxable income from al l sources in respect of the income year which commenced on 1 January 1997, taxable income shall be deemed to be derived evenly throughout the year except for: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11798442 {\fs24\insrsid11798442 \par }\pard \ql \li2880\ri0\widctlpar\faauto\adjustright\rin0\lin2880\itap0\pararsid8274549 {\fs24\insrsid11798442 (i) }{\fs24\insrsid11798442\charrsid13321204 income from employment, which income shall be deemed to be derived when it is paid to or cre dited to or applied on account of any employee entitled thereto; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11798442 {\fs24\insrsid11798442 \par }\pard \ql \li2880\ri0\widctlpar\faauto\adjustright\rin0\lin2880\itap0\pararsid8274549 {\fs24\insrsid11798442\charrsid13321204 (ii)}{\fs24\insrsid11798442 }{\fs24\insrsid11798442\charrsid13321204 taxable income from farming, fishing and other activities that were formerly exempt from income tax under section 49B of the Income Tax Act 1972, which income shall have been deemed to be derived after 1 July 1997.}{\fs24\insrsid11798442 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid11798442\charrsid13321204 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13711249 {\fs24\insrsid9272141\charrsid13321204 (b) in respect of each subsequent income year, the effective rate of tax ascertained by calculating tax on that income in accordance with the rates of tax specified in Part C of this Schedule and dividing the tax so calcu lated by the numbers of dollars included in that taxable income.}{\fs24\insrsid9272141 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid11798442\charrsid13321204 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13711249 {\fs24\insrsid9272141\charrsid13321204 5.}{\fs24\insrsid13321204 }{\fs24\ul\insrsid9272141\charrsid11798442 Other taxpayers}{\fs24\insrsid9272141\charrsid13321204 }{ \fs24\insrsid13321204 -}{\fs24\insrsid9272141\charrsid13321204 In the case of all taxpayers other than those dealt with under }{\fs24\insrsid11798442 clauses 2 to 4 of this Schedule}{\fs24\insrsid9272141\charrsid13321204 , the basic rate of tax for every $1 of taxable income shall be:}{\fs24\insrsid9272141 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid11798442\charrsid13321204 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13711249 {\fs24\insrsid9272141\charrsid13321204 (a)}{\fs24\insrsid13321204 }{\fs24\insrsid9272141\charrsid13321204 in respect of the income year which commenced on 1 January 1997, the effective rate of tax ascertained by calculating tax on that taxable income from all sources in accordance with the following formula: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid11798442 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11798442 {\fs24\ul\insrsid11798442\charrsid11798442 (a + b) \par }{\fs24\insrsid11798442 2 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11798442 {\fs24\insrsid11798442 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13711249 {\fs24\insrsid9272141\charrsid13321204 where: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid9272141\charrsid13321204 \par }\pard \ql \fi-687\li2127\ri0\widctlpar\faauto\adjustright\rin0\lin2127\itap0\pararsid13711249 {\fs24\insrsid13711249 a \tab }{\fs24\insrsid9272141\charrsid13321204 is the effective rate of tax ascertained by calculating tax o}{\fs24\insrsid11798442 n}{ \fs24\insrsid9272141\charrsid13321204 that taxable income in accordance with the rates of tax specified in Part B of this Schedule and dividing the tax so calculated by the number of dollars included in that taxable income; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid9272141\charrsid13321204 \par }\pard \ql \fi-687\li2127\ri0\widctlpar\faauto\adjustright\rin0\lin2127\itap0\pararsid13711249 {\fs24\insrsid13711249 b \tab }{\fs24\insrsid9272141\charrsid13321204 is the effective rate of tax ascertained by calculating tax on that taxable income in accordance with the rates of tax specified in Part C of this Schedule and dividing the tax so calculated by the number of dollars included in that taxable income.}{\fs24\insrsid9272141 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid11798442\charrsid13321204 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11798442 {\fs24\insrsid9272141\charrsid13321204 (b)}{\fs24\insrsid13321204 }{\fs24\insrsid9272141\charrsid13321204 in respect of each subsequent income year, the effective rate of tax ascertained by calculating tax on that income in accordance with the rates of tax specified in Part C of this Schedule and dividing the tax}{\fs24\insrsid11798442 }{\fs24\insrsid9272141\charrsid13321204 so calculated by the number of dollars included in that taxable income.}{\fs24\insrsid13711249 "}{\fs24\insrsid9272141 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid11798442 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11798442 {\fs24\insrsid11798442 ------------------------------------------------- \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid11798442\charrsid13321204 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11798442 {\fs24\insrsid9272141\charrsid13321204 This Act is administered by the Revenue Management Division of the Ministry of Finance and Economic Management}{\fs24\insrsid11798442 .}{\fs24\insrsid9272141\charrsid13321204 \par }}