Ascertaining chargeable income

(1) For the purpose of ascertaining the chargeable income for each person who proves to the satisfaction of the Director General that during the basis year he has made several absolute and immediate gifts of no less than $50.00 each and aggregating $500.00 or over taking effect in Belize for the development or promotion of amateur sports in Belize or for the improvement of sporting facilities or amenities in Belize, there shall be allowed a deduction for the amount of such gifts– Provided that no such deduction shall be allowed in any year of assessment in respect of any such gifts beyond an amount equal to one-sixth part of the chargeable income of such person estimated in accordance with the provisions of the Income Tax Act before taking the deductions specified in the rule. CAP. 55. (2) Where the amount of any such gifts in the basis year is such that it cannot be wholly deducted in the year of assessment, the amount of such gifts shall, to the extent to which it is not deducted, be carried forward and shall, subject to the same limitation here as before imposed, be deducted from which 14 Income and Business Tax would otherwise have been the chargeable income for the next five years in succession.