Section 6: Section 23 of the principal Act is hereby amended

(a) by the substitution of a colon for the fullstop at the end thereof and by the addition immediately thereafter of the following new proviso Provided that in the case of a person engaged in any trade, business, profession or VOcation the chargeable income which such person is deemed to derive from such trade, business, profession or vocation shall, irrespective of the actual profit or loss, in no case be less than two per centum of the turnover of such trade, business, profession or vocation."; (b) by renumbering the existing section as subsection (1) of section 23 and by the addition immediately there after of the following new subsections (2) The provis0 to subsection (1) shall not apply to newly established companies so long as they are entitled to relief from tax under the provisions of section 29. (3) Nothing in this section shall operate to extinguish the right to tax exemptions or privi leges (including privileges in regard to the method of assessment of chargeable income) to which certain specific companies are entitled by virtue of any enactment or specific agreement entered into by the Government unless such enactment has been repealed or such agreement has expired.". A 13 of section 23 of Cap. 273. (2) Every person chargeable with tax for any year of assessment (other than an individual whose sole SOurce of chargeable income arises from employment or a person who has already been assessed for that year) who has not been required