(1)Subject to the other provisions contained in this Act there shall be charged a tax (hereinafter referred to as "buildings tax") at the rate specified in the Schedule, in respect of every building the construction of which as completed on or after the 2nd day of March, 1961 and which has a floorage of one thousand square feet or more.(2)The buildings tax shall be payable by the owner of the building.Explanation 1. - For the purpose of this section, the construction of a building shall be deemed to have been completed when it is ready for occupation or has been actually occupied, whichever is earlier.Explanation 2. - A building, which is not liable to be taxed under the provisions of this Act on account of its having a floorage of less than one thousand square feet, shall become liable to be so taxed if the floorage of the building is subsequently increased to one thousand square feet or more as computed in the manner specified in section 5 by new constructions or additions or combination.Explanation 3. - Where the floorage of a building, which has already been taxed, is subsequently increased by new extensions or additions or combinations, tax shall be computed on the total floorage of the building including that of the new extensions or additions or combinations, and credit shall be given to the tax already levied and collected in respect of the building before such extensions or additions or combinations.
