amount of such tax, and he shall be and is hereby
indemnified against any person whomsoever in respect of his
retention of such assets.
49. (1) where a person carries on a business of shipowner
or aircraft owner or charterer and any ship or aircraft omed
or chartered by such person calls at a port în Colony the
full amount of the profits arising from the carriage of
passengers, mails, livestock and goods shipped in the Colony
shall be deemed to arise in Colony: Provided that this
section shall not apply to goods which are brought to
Colony solely for transhipment.
(2) The following provisions shall apply to the deter-
mination of such profits
(a) the profits arising in Hong Kong from shipping
or air transport business for my accounting period shall be
the
bearing the same ratio to the suns receivable in
respect of carriage of passengers, mails, livestock and goods
shipped in the Colony as the total profits for the said
period shown by that person's accounts bear to the total suNG
receivable by him in respect of the Garriage of passengers,
mails, livestock and goods: Provided that where the said
total profits have been computed on a basis which differs
ᄑ
materially from that prescribed in this Chapter, for the
ascertainment of profits, the ratio of profits shall be adjusted
so as to correspond as nearly as may be
the ratio which
would have been arrived at if the profits had been computed
N
in accordance with
provisions of tim
Chapter, relating
to the ascertainment of profits;
(b) where the provisions of paragraph 2 (a) of this
section ɑnnot for any reason be satisfactorily applied, the
profits arising in the Colony may be computed on a fair
percentage of the full sum receivable on account of the
carriage of passengers, mails, livestock and goods shipped
in the Colony: Provided that where any person has been
assessed for any year of assesment by reference to such
/percentage
74