Clause 16

The Second Schedule to the principal Act is amended by deleting Part A and substituting the following Part:“Part ARates of Tax on Chargeable Income of An Individual or A Hindu Joint FamilyChargeable Income $ Rate of TaxFor every dollar of the first 7,500 2.0%For every dollar of the next 12,500 5.0%For every dollar of the next 15,000 8.0%For every dollar of the next 15,000 12.0%For every dollar of the next 25,000 16.0%For every dollar of the next 25,000 20.0%For every dollar of the next 50,000 22.0%For every dollar of the next 50,000 23.0%For every dollar of the next 200,000 26.0%For every dollar exceeding 400,000 28.0%.”.