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Fiji Sessional Legislation |
FIJI
INCOME TAX (AMENDMENT) (NO. 2) ACT, 1995
ARRANGEMENT OF SECTIONS
SECTION
1. Short title and commencement
2. Interpretation
3. Section "7" amended
4. Section "10" amended
5. Section "17" amended
6. Section "21" amended
7. Fourth Schedule amended
8. Eighth schedule amended
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I assent
K.K.T. MARA
President
[25 October 1995]
AN ACT
TO AMEND THE INCOME TAX ACT 1974
ENACTED by the Parliament of Fiji
Short title and commencement
1.-(1) This Act may be cited as the Income Tax (Amendment) (No. 2) Act, 1995.
(2) Section "6" of this Act shall be deemed to have come into force on the 1st day of January, 1994.
(3) Except as provided in subsection (2) hereof this Act shall be deemed to have come into force on the 1st day of January 1995.
Interpretation
2. The Income Tax Act is, in this Act, referred to as "the Act".
Section "7" amended
3. Section "7" of the Act is amended by substituting the words "five thousand dollars" for the words "four thousand five hundred dollars" wherever these words appear in paragraph "(a)" of subsection "(1)".
Section "10" amended
4. Section "10" of the Act is amended by deleting the full stop at the end of paragraph "(c)" of subsection "(3)" and substituting a semi-colon and by adding the following paragraph immediately thereafter:-
"(d) a dividend paid to or credited in favour of resident individual in respect of shares of a company listed at the Suva Stock Exchange."
Section "17" amended
5. Section "17" of the Act is amended by adding immediately after the following paragraph "54" the following paragraph:-
"(55) Notwithstanding the provisions of subsection (2) of Section 21 of this Act, any dividend which has been paid to or credited in favour of a resident individual in respect of shares of a company listed at the Suva Stock Exchange. For the purposes of this paragraph "divided shall have the meaning ascribed to it by subsection (2) of Section 8."
Section "21" amended
6. Section "21" of the Act is amended by substituting the following for all the words, symbols and figures appearing after the words and punctuation "scale:-" in subsection "(2)":
"Where, but for the provisions of this subsection, the total income (including dividends) of the taxpayer for the year-
| "Where, but for the provisions of this subsection, the total income (including dividends) of the taxpayer for the year- | Percentage of such dividends to be deducted |
| would not exceed $10,000 | 100 per cent |
| would exceed $10,000 but not exceeding $12,000 | 90 per cent |
| would exceed $12,000 but not exceeding $15,000 | 70 per cent |
| would exceed $15,000 | 60 per cent |
Fourth Schedule Amended
7. The Fourth Schedule to the Act is amended by repealing tables A and B and substituting the following:
"A. RESIDENTS
| Chargeable Income $ 0-5000 5001-7000 7001-15000 15001 + | Tax Payable $ Nil Nil + 15% of excess over $5,000 300 + 25% of excess over $7,000 2300 + 35% of excess over $15,000 |
A. NON-RESIDENTS
| Chargeable Income $ 0-45000 4501-7000 7001-15000 15001+ | Tax Payable $ Nil + 20% of excess over 0 900 + 25% of excess over $4,500 1525 + 30% of excess over $7,000 3925 + 35% of excess over $15,000 |
Eighth Schedule amended
8.-(1) Clause "1" of the Eighth Schedule to the Act is amended by substituting for the expression "1992" in sub-clause "(1)" the expression "1999".
(2) Clause "8" of the Eighth Schedule to the Act is amended by substituting for the expression "1991" in the definition of "eligible vessel", the expression "1999".
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Passed by the House of Representatives this 18th day of September, in the year of our Lord one thousand, nine hundred and ninety-five.
Passed by the Senate this 11th day of October, in the year of our Lord one thousand, nine hundred and ninety-five.
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URL: http://www.paclii.org/fj/legis/num_act/it2a1995223