Transitional provisions

The following provisions shall have effect for the basis year 1998 in respect of self-employed persons, companies and other entities who remain liable to pay income tax under section 5 (a) of this Act, up to the period ending 30 June, 1998– (a) in section 2, the “year of assessment” shall mean the six month period from 1st January to 30th June, 1998; (b) in section 12, sub-section (1)(a)(ii), the words “two thousand dollars” [as inserted by Act No. 3 of 1992] shall be read as “one thousand dollars”; (c) in section 12, sub-section (1)(b)(ii), the words “seven hundred and fifty dollars” [as inserted by Act No. 3 of1992] shall be read as “three hundred and seventy-five dollars”; (d) in section 12, sub-section (1)(j), [inserted by Act No. 3 of 1992] the words “one thousand dollars” shall be read as “five hundred dollars”; (e) in section 17 (1) [inserted by Act No. 16 of 1994], the figures “$25,000.00”, “$10,400.00” and “$8,000.00” shall be read as “$12,500.00”, “$5,200.00” and “$4,000.00” respectively.