2
in respect of Life Insurance premia and the carrying
forward of
lovve
against future
Thus even if the War Revenue Ordinance were left
on the Statute Book a good deal of amendment would be
necessary and as the introduction of completely new
legislation before the end of the present
financial year is not a practical proposition, we
recommend that the present War Revenue Ordinance should
be completely recr.st incorporating such amendments and
additions as may be found desirable. In recasting this
legislation we are of opinion that Government should
consider means to allow rehabilitation costs as a
charge against profits during the next few years.
We
Technical advice will be necessary on this and
on other changes which may be found desirable.
therefore favour the suggestion that Mr. E.W. Pudney
should pay a short visit to London to seek expert
advice on such matters as we recognise that the
legislation designed to take the place of the War
Revenue Ordinance must be enacted at the earliest
possible moment.
We recommend that the taxation year should remain
at present, i.e. ending on the 31st March and that
be tho
e taxes, levied under the War Revenue Ordinance be
Gazes
reimposed with effect from the 1st April 1947 though
the tax collected will of course be based on receipts
during the year ending 31st March 1947. The possibility
of changing the tax year to the calendar year was
considered but as most Chinese businesses terminate
their year of accounting at Chinese New Year the effect
would be to reduce very considerably the amount of
110
5.
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