Income Tax (Amendment) Act, 2003

This section gives the Act’s short title, says it is to be read with the Income Tax Act, and states when it starts and when it applies.

A deduction is allowed for interest on money borrowed if the Commissioner General is satisfied the loan was used for capital employed wholly and exclusively for business purposes or to produce income.

The amendment says certain capital foreign exchange losses on borrowings used to build an industrial or commercial building are deductible.

This provision amends subsection (1) of section thirty-four A by inserting the words “rose flowers” and a comma after “the growing of”.

Section 44 of the principal Act is amended by changing punctuation and adding new items for incidental finance costs and any levy payable under the Medical Levy Act.

This provision amends section 63 of the principal Act by adding two new items to the proviso in subsection (1).

This provision amends the principal Act by inserting a new section after section 64.

The Commissioner-General may make a standard assessment requiring certain public service vehicle operators to pay presumptive tax under the Ninth Schedule.

A person or authority issuing a permit or licence under the Mines and Minerals Act must not issue it unless the applicant produces a tax clearance certificate.

This section amends the Second Schedule so that certain business income of a charitable institution, body, trust, or persons is not tax-exempt and is taxed at the rate in the Charging Schedule.

Interest on Treasury Bills or Government Bonds received by certain charitable-related entities is subject to withholding tax under section 82A.

This section amends the Principal Act by inserting a new Ninth Schedule in the Appendix.

This section amends the income tax charging schedule, including new rates for individual income and rules for certain charitable institutions and withholding on interest from Treasury Bills and Government Bonds.