1989 Ed.]
Inland Revenue
[CAP. 112
121
and may exercise any of the powers referred to in subsection (1)(i), (ii) and (iii). (Added 40 of 1972 s. 6)
(2) When exercising any power under subsection (1), the Commissioner or authorized officer shall produce on demand the warrant issued to him under that subsection.
(3) The person to whose affairs any books, records, accounts or documents taken possession of under subsection (1) relate shall be entitled to examine and make extracts from them at such times and under such conditions as the Commissioner may determine.
(4) Any person who obstructs or hinders the Commissioner or an authorized officer acting in the discharge of his duty under subsection (1) or an officer assisting him under subsection (1A) shall be guilty of an offence: Penalty a fine of $2,000 and imprisonment for 6 months.
(Added 26 of 1969 s. 28. Amended 40 of 1972 s. 6)
51C. Business records to be kept
(1) Subject to subsection (2), every person carrying on a trade, profession or business in Hong Kong shall keep sufficient records in the English or Chinese language of his income and expenditure to enable the assessable profits of such trade, profession or business to be readily ascertained and shall retain such records for a period of not less than 7 years after the completion of the transactions, acts or operations to which they relate. (Amended 7 of 1986 s. 12)
(2) Subsection (1) shall not require the preservation of any records-
(a) which the Commissioner has specified need not be preserved; or
(b) of a corporation which has been dissolved.
51D. Rent records to be kept
(Added 26 of 1969 s. 28)
(1) Subject to subsection (2), every person who is the owner of land or buildings or land and buildings situated in Hong Kong shall keep sufficient records in the English or Chinese languages of the consideration, in money or money's worth, payable or deemed to be payable to him, to his order or for his benefit on or after 1 April 1983 in respect of the right of use of that land or buildings or land and buildings to enable the assessable value of that land or buildings or land and buildings to be readily ascertained and shall retain such records for a period of not less than 7 years after the completion of the transactions, acts or operations to which they relate.
(2) Subsection (1) shall not require the preservation of any records-
(a) which the Commissioner has specified need not be preserved; or
(b) of a corporation which has been dissolved.
(Added 8 of 1983 s. 15)