A.D. 1947
INLAND REVENUE.
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 circum- stances 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 were allowable deductions for the purposes of section 17, such body of persons shall be deemed 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.
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Property
26. There shall be deducted from any profits tax payable Deduction of under this Chapter in respect of any trade, profession or form business any Property Tax payable under Chapter II of this Profit Tax. Ordinance, in respect of any land and/or buildings, by such trade, profession or business.
dividends
27. For the purposes of assessment the dividends Certain of a corporation, which is subject to tax under this Chapter, excluded shall not be included in the profits of any other person for the from assess-
ment of purposes of taxation under this Chapter.
profits.
tax from
28. (1)
(1) Every corporation which is registered in the Deduction of Colony shall be entitled to deduct from the amount of any dividends of dividend paid to any shareholder tax at the rate paid or corporations. payable by the corporation (as reduced by any relief granted under sections 45 and 46) on the income out of which such dividend is paid, provided that where tax is not paid or pay- able by the corporation 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
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