31
In this I have been guided to some extent by the remarks of
the Chancellor of the Sxchequer when introducing his Budget
of 25th April 1944.
In Section 20 I have provided for the carrying
forward of losses against future profits in the manner
recommended by the Model urdinance, with suitable modification
I
in the ease of indivičual assessment having been selected.
have not thought it necessary to allow for refund of tax paid
in respect of a year of assessment in which it is ultimately
found that a loss has been incurred. This I consider might
be held in reserve as an inducement to the ultimate moceptance
of a more general income tax basis.
6.
7.
Interest Tax (Chapter V).
This virtually re-enacts the 1941 provisions.
salaries Tax (Chapter III).
The general conditions remain largely as in 1941,
with a widening of the exemption of the governor's emolumon te
to those of the 0.A.G. and a revision of the exemption
regarding sums drawn from a provident fund so as to tax those
sume which reprosent deferred earnings previously exempted.
The allowancee reɑmin the same in plan as in 1941,
but the amounts I have left to be settled in Hong Kong.
In view of a need to increase rates of tax and having
in mind the burden on the lower incomes, I have provided for
rates of t. and to be applied as well as the full rate.
§
The amounts of income chargeable at each rate I have left for
settlement in Hong Kong.
8. vergona? sessment (Chapter VII).
This most essential chapter is largely self-
explanatory. I have set out above the reasons for ita introduction. Its provisions place the taxpayer who eleets
to be personally assessed in a similar position to that of a
salary carner,
I have omitted any provision for earned income
relief