CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
Rate of tax on
every dollar
For every dollar of the first $5,000 5%
For every dollar of the next $5,000 15%
For every dollar of the next $5,000 20%
For every dollar of the remainder 25%
(8) Notwithstanding the provisions of subsection (6)(a) and of subsection
(7), a transfer of shares shall not be made under subsection (6)(a) until the
tax chargeable under subsection (7) has been paid to the Board.
(9) Where shares are transferred pursuant to subsection (6)(b) or (c), no
income shall, by reason of such transfer, be deemed to have accrued to the
beneficial owner of the shares.
(10) Where an approved employees' profit-sharing plan is vested in -
(a) individuals, at least one trustee shall be a representative of the
employees selected by them; or
(b) a trust corporation, a management committee shall be
established comprising not less than three individuals at least one
of whom shall be a representative of the employees selected by
them.
(11) No employer shall be capable of being a trustee of any plan
established under this section, but nothing herein shall be construed as
preventing an employer from appointing a representative under subsection
(10) either as a trustee or a member of the management committee, as the
case may be.
62 (12) In this section -
"approved employees' profit sharing plan" means an employees'
profit sharing plan approved by the Board for the purposes of this
Act as complying with the requirements of this section;
“company” means any body corporate, whether public or private,
or unincorporated association but does not include a partnership. Finance Act 35/98*
*Effective 1 st January 1998
62 BIR Note: This section effective from 1st January 1971
BIR Mac Edition 91/01 Page 65