Wealth-tax rate adjustments under section 34A reduce prescribed rates and revise sub clause percentages effective mid 2002.

Amendment of section 34A of the Wealth-tax Act, effective 1 June 2002, substitutes a lower prescribed rate in sub section (3) in place of the prior nine percent figure and replaces the three quarter percent figure in sub section (4B)(a) with a lower fractional percentage, thereby reducing the statutory rates specified in those sub provisions.

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