| (Section 80) |
| 1. On the chargeable income of every individual, unincorporated body of persons or trustee— |
| Income Year | Rate of Tax |
| 1988 | On the first $6,000 and under | 10% |
| On the next $6,000 viz. 6,001–12,000 | 20% |
| On the next $5,000 viz. 12,001–17,000 | 30% |
| On the remainder | 40% |
| 1989 | On the first $8,000 and under | 10% |
| On the next $7,000 viz. 8,001–15,000 | 15% |
| On the next $5,000 viz. 15,001–20,000 | 25% |
| On the remainder. | 30% |
| 1990 | On the first $10,000 and under. | 10% |
| On the next $10,000 viz. 10,001–20,000 | 15% |
| On the next $10,000 viz. 20,001–30,000 | 20% |
| On the remainder | 30% |
| 2. On the chargeable income, on every dollar thereof, of— |
| (a) | companies existing before the commencement of this Act— |
| (i) | for the income year 1988–40% |
| (ii) | for the income year 1989–35% |
| (iii) | for the income year 1990–33% |
| (iv) | for income year 2003-33% |
| (v) | for income year 2004-32% |
| (vi) | for income year 2005 and subsequent income years-30% |
| (aa) | The rates specified in items (iv), (v) and (vi) are applicable to companies who prior to income year 2003—
(i) have no arrears of income or any other tax administered by the Inland Revenue Department; and
(ii) have complied with the requirements of any enactment administered by the Inland Revenue Department. |
| (ab) | Despite subparagraph (aa), a company which complies with the provisions of subparagraph (aa) subsequent to income year 2003, shall only be entitled to the prevailing reduced rates for the income year in which the company complies and for subsequent income years. |
| (b) | 10% with effect from income year 2001 and for subsequent income years up to income year 2005.
|
| (Amended by Act 9 of 2001and S.I.64/2003) |
| 3. On the chargeable income of every individual, unincorporated body of persons or trustee until the payment of the retroactive salary increase for people in the public service for the period April, 1994 to December, 1995– |
| GRADE | ANNUAL INCOME | TAX RATE |
| 1–2 | $11,580 and below | 0% |
| 3–9 | $11,581 – $28,380 | 5% |
| 10–18 | $28,381 and above | 10% |