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The Income Tax (Amendment) Act, 2007 (Bill No. 91)

A BILL

entitled

AN ACT to amend the Income Tax Act (Cap. 123).

BE IT ENACTED by the President, by and with the advice and consent of the House of Representatives, in this present Parliament assembled, and by the authority of the same, as follows:-

1. The short title of this Act is the Income Tax (Amendment) Act, 2007, and it shall be read and construed as one with the Income Tax Act, hereinafter referred to as "the principal Act".

2. Article 9B of the principal Act shall be amended as follows:

(a) in the second proviso to subarticle (4) thereof, for the words "of such declaration." there shall be substituted the words "of such declaration:"; and
(b) immediately after the second proviso to subarticle
(4) thereof, there shall be added the following new proviso:

Short title. Cap. 123.

Amendment of article 9B of the principal Act.

Cap. 233.

"Provided also that in the case of a qualifying asset that is registered under the Currency and Bank Deposits Registration Scheme Regulations, 2007, made under the External Transactions Act, the references to the dates "31st March, 2005" and "1st January, 2005" in subarticles (2) and (3) of this article shall be construed as references to "15th March, 2007" and "1st January, 2006", respectively, and paragraph (a) of subarticle (2) shall not apply.".
C 116

Objects and Reasons

The objects of this Bill are to apply the benefits and the exemptions referred to in subarticles (2) and (3) of article 9B of the Income Tax Act also to qualifying assets registered under the Currency and Bank Deposits Registration Scheme Regulations, 2007.