CAP. 112]
Inland Revenue.
4
Imposition
of corporation profits tax.
Imposition of business profits tax.
PART IV.
Profits Tax.
14. Corporation profits tax shall, subject to the provisions of this Ordinance, be charged on every corporation carrying on trade or business in the Colony at the standard rate, in respect of the profits arising in or derived from the Colony from such trade or business.
[15]
15. (1) Business profits tax shall, subject to the provisions of this Ordinance, be charged at the standard rate on every person other than a corporation carrying on trade, profession or business in the Colony in respect of the profits arising in or derived from the Colony from such trade, profession or business.
(2) Where the ultimate controlling interest in two or more trades, professions or businesses is owned by the same person, the Commissioner shall cause the profits and losses of those trades, professions or businesses to be aggregated and a single assessment thereon shall be made in the sum of the profits: Provided that-
(a) where the profits assessable under this section from a trade, profession or business, or trades, professions, or businesses aggregated under the provisions of subsection (2), do not exceed the sum of seven thousand dollars no tax shall be chargeable in respect thereof;
(b) the profits tax payable by any person other than a corporation in respect of the profits from any trade, profession or business shall not be more than the amount by which the profits from such trade, profession or business exceed the sum of seven thousand dollars;
(c) for the purpose of assessing the profits of a trade, profession or business, a husband and wife who are not living apart from each other under the decree of a competent court or a duly executed deed of separation shall be deemed to be one person.
[16]
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