Rate of development contribution

(1) The development contribution is payable into the Consolidated Revenue Fund by each specified statutory body, at the rate of the prescribed percentage of the revenue of the body for each year of assessment. (2) The development contribution is payable on a quarterly instalment basis for the periods, respectively ending on the 31st 6[CAP. 84:01 Statutory Bodies Development Contribution March, 30th June, 30th September and 31st December, in each year of assessment. (3) In this section, “prescribed percentage” means ten per cent or such other amount as the Minister may, subject to affirmative resolution, prescribe, by Order published in the Gazette.