A250
Ord. No. 50/88
Powers of Financial Secretary in relation to
royalty
Tax provisions (Cap. 112)
Construction works to be
carried out at the expense of the Company
Start of construction
TATE'S CAIRN TUNNEL
(5) The payment by the Company of any sum in accordance with this section shall not prevent the Company from claiming a refund in respect of the overpayment made by the Company and proved to the satisfaction of the Financial Secretary.
(6) In this section-
"net operating receipts" means the operating receipts reduced by the royalty
payable in respect of those receipts under subsection (1);
"operating receipts" means the total gross sums received by the Company in
respect of
(a) the tolls as fixed or varied under section 36, as the case may be;
(b) any charges imposed or other benefits obtained by the Company
under section 32; and
(c) any other authorized charges imposed by the Company under this
Ordinance;
"projected net operating receipts" means the projected operating receipts for each year during which the tunnel area is operated by the Company under the franchise as set out in the project agreement, reduced by the royalty under subsection (1) which would be payable in that year upon such receipts.
10. For the purpose of ascertaining the royalty or further royalty payable under section 9, the Company shall permit the Financial Secretary, and any person authorized in writing by him, to inspect at all reasonable times all books of account, vouchers, receipts and all other records of the Company (including all records maintained by the Company in accordance with section 34) and to make extracts from any such documents and to take away any such documents for further examination.
11. For the purposes of Part VI of the Inland Revenue Ordinance the Company shall throughout the continuance of the franchise be deemed to be the owner of and to have the relevant interest in the works which it has the right to keep in place under section 4(1)(c).
PART V
CONSTRUCTION OF THE TUNNEL
12. The Company shall, at its own expense, carry out the construction works in accordance with the project agreement and this Ordinance.
13. (1) The Company shall not commence the construction works before such date as may be agreed between the Director and the Company or, in the absence of agreement, as the Director may determine.
(2) The Director shall cause a notice to be published in the Gazette specifying the date of commencement of the construction works as agreed or determined under subsection (1).