57
Ordinance) on the income out of which such dividend is paid, provided
that where tax is not paid or payable by the company on the whole income
out of which the dividend is paid the deduction shall be restricted
to that portion of the dividend which is paid out of income on which
tax is paid or payable by the company.
1
(2) Every such company shall upon payment of a dividend whether
tax is deducted therefrom or not furnish each shareholder with a cert-
ificate setting forth the amount of the dividend paid to that
shareholder and the amount of tax which the company has deducted or is
entitled to deduct in respect of that dividend.
Chapter V
Interest Tax
29.
Interest Tax shall be charged at the standard rate on the
full amount of any sum falling due after the thirty first day of
March, 1947, 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, profession or business in accordance with
section 17:
Provided that there shall be exempt from Interest Tax:
(a) any interest paid or payable by or to a banker approved
by the Comisɛíomer.
(b) any interest paid or payable to a Corporation carrying on
trade or business in the Colony.
30.
Where any person in the Colony pays or credits to any other
person any sum falling due after the thirty-first day of March, 1947
being interest chargeable with tax under section X, be shall,
notwithstanding any agreement to the contrary whether made before or
after the passing of this Ordinance døduct fourteen per centum from
such sum, and every such deduction shall be debt due from such
person to the Government of Hong Kong and shall be recoverable forth-
with as such or may be assessed and charged upon such person ám
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