CAP. 112]
[s. 17 cont.]
3 of 1949, s.7.
Basis for computing profits.
30 of 1950, Schedule.
Inland Revenue.
(d) the cost of any improvements;
(e) any sum recoverable under an insurance or contract of indemnity;
(f) rent of, or expenses in connexion with, any premises or part of premises not occupied or used for the purpose of producing the profits;
(g) any tax paid or payable under this Ordinance other than salaries and annuities tax paid in respect of employees' remuneration.
(2) In computing the profits or losses of a partnership, nothing shall be deducted for salaries or other remuneration of partners or for interest on partners' capital or loans. [18]
18. (1) Save as provided in this section, the assessable profits liable to profits tax of any trade, profession or business for any year of assessment shall be the full amount of its profits arising in or derived from the Colony during the year preceding the year of assessment.
(2) Where the Commissioner is satisfied that the accounts of a trade, profession or business carried on or exercised in the Colony are usually made up to some day other than the 31st day of March, he may direct that the profits from that source be computed on the amount of the profits of the year ending on that day in the year preceding the year of assessment. Where, however, the profits of any trade, profession or business have been computed by reference to an account made up to a certain day, and no account is made up to the corresponding day in the year following, the profits from that source both of the year of assessment in which such failure occurs and of the two years of assessment following shall be computed on such basis as the Commissioner in his discretion thinks fit.
(3) Where a person commences to carry on a trade, profession or business in the Colony on a day within a year of assessment, the profits arising therefrom for the period from such date to the end of the year of assessment shall be the assessable profits for such year of assessment.
(4) Where a person has commenced to carry on trade, profession or business on a day within the year preceding a year of assessment, the assessable profits for
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