Clause 17
Amendment of section 45
of Income Tax (Amendment No. 2) Bill
BillNot in forceProvision 17 of 20
Clause 17
Section 45 of the principal Act is amended —
(a)
by deleting “33%” wherever it appears in subsection (1) and substituting in each case “32%”; and
(b)
by inserting, immediately after subsection (7), the following subsection:“(8) Notwithstanding subsection (1), tax shall be deducted at the rate of 33% on every dollar of every payment made on or after 1st January 1989 which would be assessable for the years of assessment 1987, 1988 and 1989 on the person receiving the payment.”.