Clause 39

by deleting the words “The SRS operator” in subsection (3) and substituting the words “Subject to subsection (3A), the SRS operator”;

by deleting the words “at the rate specified in section 43(1)(b)” in subsection (3) and substituting the words “at the rate of 22%”;

by inserting, immediately after subsection (3), the following subsection:“(3A) If the deduction of the investment from the balance in the SRS account is to be made on the ground in section 10L(3G), the amount on which tax is to be collected under subsection (3) is determined in the following manner:where Ais the amount of funds to be actually withdrawn from the SRS account on that ground (if any);Bis the total value of the investment that is to be deducted from the balance in the SRS account; andCis the amount of the SRS member’s income chargeable to tax under section 10(1)(g) as determined under section 10L(3G).”;

by deleting the words “subsection (3)” in subsection (4) and substituting the words “subsections (3) and (3A)”; and

by deleting subsection (5) and substituting the following subsection:“(5) If the Comptroller has given a written notice to the SRS operator requiring the SRS operator to collect tax at a higher or lower rate than 22%, then the reference to the rate of 22% in subsection (3) is a reference to the higher or lower rate.”.