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Income Tax (Amendment) Act 2011

SOLOMON ISLANDS

INCOME TAX (AMENDMENT) ACT 2011
(NO. 4 OF 2011)

PASSED by the National Parliament this thirteenth day of December 2011.
(This printed impression has been carefully compared by me with the Bill passed by Parliament and found by me to be a true copy of the Bill)

Taeasi Sanga (Mrs)
Clerk to National Parliament

ASSENTED to in Her Majesty's name and on Her Majesty's behalf this sixteenth day of December 2011.

Sir Allan Kemakeza
Acting Governor-General

Date of Commencement: see section 1.

AN ACT TO AMEND THE INCOME TAX ACT (CAP. 123)

ENACTED by the National Parliament of Solomon Islands.

Short title and commencement

1. (1) This Act may be cited as the Income Tax (Amendment) Act 2011.

(2) This Act shall come into force on 1st January 2012 and subject to subsection (3), shall apply for the year commencing 1st January 2012.

(3) This Act shall apply to payments referred to in tax deduction provision made on or after 1st January 2012.

Section 28 amended

2. Section 28 of the Income Tax Act (Cap.123) (hereinafter referred to as the "principal Act") is amended -

(a) by deleting the marginal note and substituting the following new marginal note –

"Personal Exemption"; and

(b) by repealing subsection (1) and substituting following new subsection -

"(1) Subject to subsection (2), an individual shall be entitled to a personal exemption for a year of fifteen thousand and eighty dollars".

Section 32 amended

3. Section 32 of the principal Act is amended by inserting after the words "Fifth Schedule" the words "after the application of the personal exemption amount provided for in section 28".