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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 circumstances 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 we
allowable deductions for the purposes of section 18, such body of
persona shall be demed 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
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.
26. There shall be deducted from any profits tax payable under
this Chapter in respect of any trade, profession or business any
property tax payable under Chapter II of this Ordinance, in respect of
any land and/or buildings, by such trade, profession or business.
27.(1) For the purposes of assessment the dividends 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 Chapter.
(2) For the purposes of assesment no part of the profit or loss
of a trade, profession er 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
Chapter.
28. (1) Every company which is registered in the Colony shall be
entitled to deduct from the amount of any dividend paid to any share-
holder tax at the rate paid of payable by the company (as reduced by
any relief granted under sections forty-six and forty-seven of this
/Ordinance