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Income Tax (Amendment) (No. 2) Act 1998

FIJI ISLANDS

INCOME TAX (AMENDMENT) (NO. 2) ACT 1998
ACT NO. 33 OF 1998

I assent.

[L.S.]

K.K.T. MARA
President

[17.9.98]

AN ACT
TO FURTHER AMEND THE INCOME TAX ACT ENACTED

ENACTED by the Parliament of the Fiji Islands

Short title and commencement

1.-(1) This Act maybe cited as the Income Tax (Amendment) (No. 2) Act 1998.

(2) This Act comes into force on 1^st January 1999.

Section 9A amended

2. Section 9A of the Income Tax Act is amended-

(a) in subsection (3) by-

(i) deleting the full stop and inserting ", or" at the end of paragraph (c);

(ii) inserting after paragraph (c) the following new paragraphs -

"(d) the interest which accrues to the depositor, in respect of each account held by the depositor, does not exceed interest is paid or credited annually;

(e) the interest which accrues to the depositor does not exceed $ P if the interest is paid or credited in respect of a period other than one year, where-

$P = $120 x -n/365

and n = number of days in the period.";

(b) in subsection (6) by deleting "ail" in the second line and substituting "at least 2 of";

(c) in subsection (10) by deleting "a" in the first line and substituting "at least 2 of";

(d) in subsection (12) by inserting "and addresses" in the sixth line after "names";

(e) in subsection 14(c) by inserting "and addresses" after "names";

(f) by repealing subsection (15) and substituting-

"(15A) Every financial institution shall, not less than once writing, notify a depositor of the amount of interest which it deducted tax under subsection (12), issue a notice in writing, in a form approved by the Commissioner, to the person to whom or in whose favour the interest accrued in respect of each account held by the depositor, stating -

(a) the name and address of the depositor;

(b) the total amount of interest paid or credited in that year; and

(c) the total amount of tax deducted under this section.".

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Passed by the House of Representatives this 12th day of August, 1998.
Passed by the Senate this 2nd day of September; 1998.