Section 19

in paragraph 1 of Part I by substituting for the rates the following rates:

“Chargeable Income

RM

Rate of

Income Tax

For every ringgit of the first 2,500 0 per cent

For every ringgit of the next 2,500 3 per cent

For every ringgit of the next 5,000 6 per cent

For every ringgit of the next 10,000 7 per cent

For every ringgit of the next 15,000 12 per cent

For every ringgit of the next 15,000 18 per cent

For every ringgit of the next 20,000 23 per cent

For every ringgit of the next 30,000 28 per cent

For every ringgit of the next 50,000 31 per cent

For every ringgit exceeding 150,000 32 per cent”;

in paragraph 2 of Part I by substituting for the words

“32 per cent” the words “30 per cent”;

in paragraphs 1 and 2 of Part II by substituting for the words “20% of gross” and “15% of gross” appearing under the column “Rate of income tax” the words “15%

of gross” and “10% of gross” respectively;

in Part IV by substituting for the rates the following rates:

“Chargeable Income

RM

Rate of

Income Tax

For every ringgit of the first 10,000 1 per cent

For every ringgit of the next 10,000 3 per cent

For every ringgit of the next 10,000 6 per cent

For every ringgit of the next 10,000 9 per cent

For every ringgit of the next 10,000 12 per cent

For every ringgit of the next 25,000 16 per cent

For every ringgit of the next 25,000 20 per cent

For every ringgit of the next 50,000 24 per cent

For every ringgit of the next 100,000 27 per cent

For every ringgit of the next 250,000 30 per cent

For every ringgit exceeding 500,000 32 per cent”;

18

Act 531

in Part V by substituting for the words “15% of gross”

the words “10% of gross”; and

by inserting after Part VII the following Part:

“Part VIII

Notwithstanding Part I and Part II, income tax shall be charged on the chargeable income of a life fund of a resident or non-resident insurer at the rate of

……………………… 8 per cent.”.

Amendment of Schedule 3