Alternatively
De Cansactions could Tents intion.
Ce
wholly
59
be on a net receipts basis, and
the best practical way of doing so
would appear to be, while including
book profits of the nature described
in the revenue for purposes of assess-
ment, to allow a deduction from that
wingspect of similar
revenue any book losses.
excluded in the calculation of military
&
A further consideration arises,
however, in this connection. The
Hong Kong Government has obtained
a considerable revenue in past years
from land sales. In the er
some Colonies, such revenue is
treated separately from the general
revenue of the Colony, and is invested
in a separate fund. Land sales are
not included in Hong Kong revenue for
the purpose of assessment of military
contribution; if the proceeds
(isolated •
of such sales had been invested in a
fish Cunliffe Lists
separate fund, Fr. Thos considers
that the income of such a fund should
logically
ci
This is arre in
Bahamas at least.
Σ
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