WEALTH-TAX
CHAPTER X CHARGE OF WEALTH-TAX
Tax on net wealth.
112. (1) Subject to the provisions of this Code, every person, other than a non-profit organisation, shall be liable to pay wealth-tax on the net wealth on the valuation date of a financial year.
(2) The wealth-tax shall be charged in respect of the net wealth referred to in subsection (1), on the valuation date of a financial year at the rate specified in Paragraph E of the Second Schedule in the manner provided therein.
(3) The liability to wealth-tax shall be discharged by payment of pre-paid taxes in accordance with the provisions of this Code.
(4) The wealth-tax charged under this section shall be collected after allowing credit for pre-paid taxes, if any, in accordance with the provisions of this Code.
