39. Amendment of section 120 of the principal enactment

Section 120 of the principal enactment is hereby amended by the insertion immediately after subsection (1)

of that section, of the following new subsection: -

“(1A) With effect from the year of assessment commencing from April 1, 2021, where any person is engaged in business or investment activity and the income tax payable shall be calculated by applying different tax rates for such part of taxable

Act, No. 10 of 2021

income from any gains and profits from business or investment activity or may have exempted amounts as the case may be, such person shall maintain and prepare the financial statements to separately identify such part of taxable income from gains and profits in applying each income tax rate to each part of the taxable income or to identify the exempted gains and profits.”.