26. Amendment of section 135 of the principal enactment

Section 135 of the principal enactment is hereby amended by the addition immediately after subsection (6) of that section, of the following new subsection: -

“(7) With effect from the year of assessment commencing on April 1, 2025, where an individual, for any year of assessment (in this subsection referred to as the “current year of assessment”), has-

filed a return of income and declared the tax payable with respect to such individual’s taxable income under paragraph (a) of subsection (1) of section 2, in an amount not less than one hundred and twenty per centum of the tax payable on the taxable income for the year of assessment immediately preceding the current year of assessment;

paid the full amount of tax without claiming a tax refund; and

furnished an affidavit stating that no fraud, evasion, or willful default has been committed in relation to the tax payable for the current year of assessment, such return shall be accepted as filed, and no amended or additional assessment shall be made on such return under this section for the current year of assessment.”.