Net wealth computation amendment restricts exclusion of specified asset classes, narrowing permitted asset exemptions for wealth-tax purposes. The amendment removes the words limiting clause (a) and the proviso to individuals and adds an Explanation that, notwithstanding section 5, any assets ... Summary
Net wealth computation amendment restricts exclusion of specified asset classes, narrowing permitted asset exemptions for wealth-tax purposes.
The amendment removes the words limiting clause (a) and the proviso to individuals and adds an Explanation that, notwithstanding section 5, any assets listed in clauses (xv) through (xxix) of subsection (1) shall not be excluded when computing net wealth for the purposes of subsection (4) in cases not covered by the proviso.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.