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Chapter IV
Profits Tax
15.
Corporation Profits Tax shall, subject to the provisions of
this Ordinance, be charged on every corporation carrying on trade
or business in the Colony at the standard rate, in respect of the
profits arising in or derived from the Colony from such trade or
business.
16.
Business Profits Tax shall, subject to the provisions of this
Ordinance, be charged at the standard rate on every person other than a corporation carrying on trade, profession or business in the Colony in respect of the profita arrising in or derived from the Colony from
such trade, profession or business.
Provided that:-
(i) where the profits assessable under this section from a
trade, profession or business do not exceed the sum of
dollars no tax shall be chargeable in respect thereof;
thousand
(ii) the Profits Tax payable by any person or partnership other
than a corporation in respect of the profits from any trade, profession
or business shall not be more than the amount by which the profits
from such trade, profession or business exceed the sum of
thousand dollars.
(iii) for the purpose of assessing the profits of a trade,
profession or business, a husband and wife who are not living apart
from each other under the decree of a competent court or a duly
executed deed of separation shall be deemed to be one person.
(iv) where all the members comprising a person carrying on
a trade, profession or business shall have elected to be severally assessed under Chapter VII Profits Tax shall be assessed only on such
and in such a case profits as are not divided amongst the members; the exemption and abatement under provisos (1) and (ii) of this
section shall not be granted.
17.
For the purpose of ascertaining the chargeable income of any
person there shall be deducted all outgoings and expenses wholly and exclusively incurred during the year preceding the year of assessment
/by