1989 Ed.]
Inland Revenue
[CAP. 112
127
(1B) Notwithstanding subsection (1), where an assessor is satisfied that
(a) an individual or his wife, not being a wife living apart from her husband, carries on (not jointly with another person) a trade, profession or business in Hong Kong and the individual is eligible to elect under section 41 for personal assessment on his total income; and
(b) the assessable profits of that individual in respect of his trade, profession or business in Hong Kong for any year of assessment do not exceed $39,000; and (Amended 32 of 1981 s. 8; 29 of 1982 s. 13; 28 of 1987 s. 6; 28 of 1988 s. 5; 17 of 1989 s. 15)
(c) the individual, and his wife, not being a wife living apart from her husband, has no income, property, or profits chargeable to tax under this Ordinance for that year of assessment, other than in respect of such trade, profession or business,
the assessor shall not be obliged to proceed to make an assessment of profits tax in respect of such assessable profits. (Added 2 of 1971 s. 37. Amended 7 of 1975 s. 35; 7 of 1986 s. 12)
(1C) Notwithstanding subsection (1), where an assessor is satisfied that--
(a) an individual or his wife, not being a wife living apart from her husband, carries on a trade, profession or business in Hong Kong, either solely or jointly with another person, and the individual is eligible to elect under section 41 for personal assessment on his total income; and (Amended 7 of 1986 s. 12)
(b) the individual, and his wife, not being a wife living apart from her husband, has no income, property or profits chargeable to tax under this Ordinance for any year of assessment, other than in respect of such trade, profession or business; and
(c) the assessable profits of the individual or his wife, not being a wife living apart from her husband, in respect of such trade, profession or business for such year of assessment, or his or her share of those profits if he or she is a partner in the trade, profession or business, are such that if there were an election for personal assessment under section 41 and after taking into account the allowances that would have to be deducted under Part V section 42B, no tax would be charged on either of them, 4/89 59
(Replaced 71 of 1983 s. 29)
the assessor shall not be obliged to proceed to make an assessment of profits tax in respect of such assessable profits and, if he has made such an assessment, he may notwithstanding section 70, annul the assessment or in case of assessment of a partnership may reduce it insofar as it relates to the share of profits of such individual or wife. (Added 2 of 1971 s. 37. Amended 71 of 1983 s. 29)
(2) Where a person has furnished a return in accordance with the provisions of section 51 the assessor may either (Amended 49 of 1956 s. 43)