66
CAP. 112]
Inland Revenue
[1989 Ed.
21A. Computation of assessable profits from cinematograph films, patents, trademarks, etc.
The assessable profits of a person arising in or derived from Hong Kong in respect of a sum deemed by section 15(1)(a) or (b) to be a receipt arising in or derived from Hong Kong from a trade, profession or business carried on in Hong Kong shall, for the purposes of this Ordinance and notwithstanding any other provisions of this Part, be taken to be 10% of such sum.
(Added 2 of 1971 s. 14. Amended 7 of 1975 s. 18; 7 of 1985 s. 12)
22. Assessment of partnerships
(1) Where a trade, profession or business is carried on by 2 or more persons jointly the assessable profits therefrom shall be computed in one sum and the tax in respect thereof shall be charged in the partnership name. (Replaced 36 of 1955 s. 31)
(2) The precedent partner shall make and deliver a statement of the profits or losses of such trade, profession or business, on behalf of the partnership, ascertained in accordance with the provisions of this Part relating to the ascertainment of profits. Where no active partner is resident in Hong Kong the return shall be furnished by the manager or agent of the partnership in Hong Kong. (Amended 7 of 1986 s. 12)
(3) If a change occurs in a partnership of persons carrying on any trade, profession or business, by reason of retirement or death, or the dissolution of the partnership as to one or more of the partners, or the admission of a new partner, in such circumstances that one or more of the persons who until that time were engaged in the trade, profession or business continue to be engaged therein, or if a person previously engaged in any trade, profession or business on his own account continues to be engaged in it, but as a partner in a partnership, the tax payable by the person or persons who carry on the trade, profession or business after that time shall, notwithstanding the change be computed on what would otherwise have been the assessable profits of such person or persons or the aggregation of such assessable profits as if no such change had occurred: (Amended 30 of 1950 Schedule; 36 of 1955 s. 31; 49 of 1956 s. 18; 7 of 1975 s. 19)
Provided that on application made in writing by all the persons engaged in the trade, profession or business which was commenced before 1 April 1975 both immediately before and immediately after the change, and signed by all of them or, in the case of a deceased person, by his legal representative, and received by the assessor within 2 years after the change took place, the assessor shall compute the profits for any year of assessment up to and including the year commencing on 1 April 1974 as if the trade, profession or business had