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subscriptions), it shall not be deemed to carry on a business; but where less than half of its gross receipts are received from members, the whole of the income from transactions both with members and others (including entrance fees and subscriptions) shall be deemed to be receipts from a business, and the body of persons shall be chargeable in respect of the profits therefrom.
(2) Where a body of persons, whether corporate or unincorporate, carries on a trade association in such circum- stances that more than half its receipts by way of entrance fees and subscriptions are from persons who claim or would be entitled to claim that such sums were allowable deduc- tions for the purposes of section 18, such body of persons shall be deemed to carry on a business, and the whole of its income from transactions both with members and others (including entrance fees and subscriptions) shall be deemed to be receipts from a business, and the body of persons shall be chargeable in respect of the profits therefrom.
(3) In this section, "members", in relation to a body of persons, means those persons who are entitled to vote at a general meeting of the body at which effective control is exercised over its affairs.
of Property
28. There shall be deducted from any profits tax payable Deduction under this Chapter in respect of any trade, profession or Tax from business any property tax payable under Chapter II of this Profits Tax Ordinance, in respect of any land and/or buildings, by such trade, profession or business.
dividends
29.—(1) For the purposes of assessment the dividends Certain of a corporation, which is subject to tax under this Chapter, shall not be included in the profits of any other person for the purposes of taxation under this Ordinance.
(2) For the purposes of assessment no part of the profit or loss of a trade, profession or business, which is subject to tax under this Chapter, shall be included in the profits of any other trade, profession or business for the purposes of taxation under this Ordinance.
excluded from
assessment of profits.
CHAPTER V.
INTEREST TAX.
of Interest
30. Interest Tax shall be charged at the rate of twelve imposition per cent. on the full amount of any sum falling due after Tax. the thirty-first day of March, 1941, being interest arising in or accruing in the Colony on any debenture, mortgage, bill of sale, loan, deposit or advance, and
(a) paid or payable under any mortgage, debenture or bill of sale registered with any public authority or public officer;
(b) paid or payable by any person carrying on trade, profession or business in the Colony and allowable as a deduction in ascertaining the profits of such trade, profes- sion or business in accordance with section 18:
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