Clause 16

Section 42 of the principal Act is amended by inserting, immediately after subsection (4), the following subsection:“(5) Notwithstanding Part B of the Second Schedule, in respect of the chargeable income of a person other than an individual, the rate of tax applicable to that person on every dollar of his chargeable income shall be 33% where the effective rate of tax arrived at by dividing the income tax chargeable on his chargeable income by the amount of that income exceeds 33%.”.