Section 3: Income tax imposed.

(1) Income tax is hereby imposed on every person who has chargeable income for the year of assessment. (2) Subject to section 21, the income tax payable shall be calculated by applying the relevant rates of tax determined by reference to the First and Second Schedules to the chargeable income for the year of assessment and subtracting any allowable tax credits. (3) Subject to sections 124 and 125, a taxpayer’s income from all sources shall be aggregated for the purpose of applying the relevant rates of tax in Parts I, II, III and IV of the First Schedule and the tax that will be imposed on the aggregated income without regard to any withholding tax imposed on the income or part thereof shall be reduced by the amount of withholding tax imposed on that income.