Section 4, The Income Tax Act, 2000

resident individuals. (1) Subject to subsection (2), the chargeable income of a resident individual shall be taxed at the rate or ratesprescribed in Part I of the First Schedule. (2) Subject to subsection (3), the business or property income of a person described in Part V of the First Schedule shall be subject to the minimum tax prescribed in that Part. (3) Where a person described in Part V of the First Schedule derives— a) business or property income that would, apart from the application of subsection (2), be subject to tax greater than that provided in Part V of the First Schedule, or b) additional income from any source, the Commissioner may assess tax payable by the person without regard to subsection (2). (4) The chargeable property income of a resident minor shall be taxed at the rate or rates prescribed in Part II of the First Schedule. (5) In the case of a resident minor whose chargeable property income is taxed at the rates prescribed in Part II of the First Schedule, such income shall be subtracted from chargeable income for the purposes of applying subsection (1). resident companies. Cap. 273.