520
TABLE OF CORRESPONDENCE
BETWEEN
The Bill for the War Revenue Ordinance, 1941, and the War Revenue Ordinances Nos. 13, 21 and 29 of 1940 which it will amend and consolidate.
Clause of Bill.
Source if any.
1
No. 13 of 1940,
1941 for 1940.
s. 1.
2
No. 13 of 1940,
s. 2.
Co
3
No. 13 of 1940,
s. 3.
4
No. 13 of 1940,
8. 4.
5
No. 13 of 1940,
s. 5.
No. 13 of 1940,
s. 6.
17
No. 13 of 1940,
s. 7.
8
No. 18 of 1940,
Remarks.
(1) The definition of "profits inade from transactions in the Colony" has been omitted. It is replaced by new definitious of "profits arising in or derived from the Colony" and "income arising in or derived from the Colony' which come nearer to expressing the intention of the original War Revenue Committee that the tax should be limited to income or profits made in the Colony.
(2) Definitions of "bill of sale" "debenture" and "mortgage" which were not included in the War Revenue Ordinances of 1940 but which are derived from Ordinances Nos. 7 of 1886, 89 of 1932 and 8 of 1921 have been added. A definition of "British Empire" has also been added. This is the present de- finition under the Empire Preference Amendment Ordin- ances Nos. 31 of 1934 and 3 of 1938.
(3) The word "partnership" has been added to the definition of "person".
(4) The word "asset" has been substituted for the phrase "plant, machinery or fixtures" in two places in the definition of "writ- ten down value”.
This section is unchanged.
do.
The rate of property tax is raised from five per cent to seven per
cent.
This section is unchanged.
do.
s. 8 and No.
29 of 1940, s.
2.
(1) The words "arising in or derived from the Colony in respect of" are substituted for the words "received from" in the third line. See Note (1) to Clause 2.
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