T
47
Table of Correspondence,--Continued.
Clause of Bill.
Source if any.
24
25
26
Remarks.
No. 13 of 1940, This clause is unchanged except for
À. 22.
necessary renumbering and sub- stitution of words "arising in or derived from the Colony" for the words "made from transactions in the Colony".
No. 13 of 1940, | This clause is unchanged except for
s. 23.
necessary renumbering.
This is a new clause in the Ordinance. It is based on Rule I of the rules which was applicable only to non resident shipowners, etc. The new clause is wider as a means of ascertainment of the profits of shipowners, aircraft- owners and charterers liable to tax under the Ordinance.
This clause is unchanged except for
necessary renumbering.
27
No. 13 of 1940.
s. 24.
28
No. 13 of 1940.
s. 25.
29
No. 13 of 1940,
s. 26.
30 to 35
36
No. 13 of 1940,
8. 27.
37
No. 13 of 1940,
s. 28.
38
No. 13 of 1940,
s. 30.
do.
Sub-section (2) is new and has been added to give the same relief in respect of the profits of a trade, profession or business a8 at present exists in respect of cor- poration dividends.
Chapter V (clauses 30 to 35) is new. Clause 30 relates to the imposi- tion of a new tax on certain classes of readily ascertainable in- terest arising in or accruing in the Colony on debentures, mortgages, bills of sale, and business loans etc., but it is not intended to be charged on bank fixed deposits, savings bank accounts, current accounts or on loans between individuals. Clause 31
deals with the machinery of collection, which is by deduction at source and places the onus of paying the tax in the first instance on the person paying the interest. Clauses 32 to 34 contain pro- visions for the relief or reimburse- ment of such person, and clause 35 provides for direct assessment on the person ultimately liable.
Sub-section (6) of the original section is omitted as unnecessary and sub-section (7) is therefore renumbered as sub-section (6).
This clause is unchanged except for
necessary renumbering.
do.
Section 29 of the 1940 Ordinance is
omitted as unnecessary.
108