Section 38 - Amendment of Act 7 of 1964 - Finance (No. 2) Act, 1971

38. Amendment of Act 7 of 1964 In the Companies (Profits) Surtax Act, 1964,-- (a) in section 18, for the figures and brackets 2(44) , the figures, brackets, letter and word 2(43B) and (44) shall be substituted with effect from the 1st day of January, 1972; (b) for the Third Schedule, the following Schedule shall be substituted with effect from the 1st day of April, 1972, namely: -- THE THIRD SCHEDULE [See section 4] RATES OF SURTAX Surtax shall be charged on the amount (hereinafter referred to as the chargeable amount) by which the chargeable profits exceed the amount of the statutory deduction at the following rates, namely: -- (i) on so much of the chargeable amount as does not exceed five per cent, of the amount of capital as computed in accordance with the Second Schedule .. 25 per cent.; (ii) on the balance, if any, of the chargeable amount .. .. .. 30 per cent.