8
that
year of assessment, and provided also that in no case shall the amount of Salaries and Annuities Tax chargeable on any individual exceed the amount which would have been charge- able on him had the standard rate of tax been charged on the whole of his income chargeable to Salaries and Annuities Tax before deducting the allowances provided in Section 13.
Imposition
of Corpora-
CHAPTER IV.
Profits Tax.
15. Corporation Profits Tax shall, subject to the tions Profits provisions of this Ordinance, be charged on every corporation carrying on trade or business in the Colony at the standard rate, in respect of the profits arising in or derived from the Colony from such trade or business.
Tax.
Imposition
of Business
Profits Tax.
Ascertain-
ment of Profits.
16. (1) Business Profits Tax shall, subject to the provisions of this Ordinance, be charged at the standard rate on every person other than a corporation carrying on trade, profession or business in the Colony in respect of the profits arising in or derived from the Colony from such trade, profes- sion or business.
(2) Where the ultimate controlling interest in two or more trades, professions or businesses is owned by the same person, the Commissioner shall cause the profits and losses of those trades, professions or businesses to be aggregated and a single assessment thereon shall be made in the sum of the profits.
Provided that--
(i) where the profits assessable under this section from a trade, profession or business, or trades, professions or businesses aggregated under the provisions of sub- section (2) of this section, do not exceed the sum of seven thousand dollars no tax shall be chargeable in respect thereof;
(ii) the Profits Tax payable by any person other than a corporation in respect of the profits from any trade, profession or business shall not be more than the amount by which the profits from such trade, profession or business exceed the sum of seven thousand dollars.
(iii) for the purpose of assessing the profits of a trade, profession or business, a husband and wife who are not living apart from each other under the decree of a competent court or a duly executed deed of separation shall be deemed to be one person.
17. (1) For the purpose of ascertaining the profits of any person there shall be deducted all outgoings and expenses wholly and exclusively incurred during the basis period for the year of assessment by such person in the produc- tion of the profits, including
(a) sums payable by such person by way of interest upon any money borrowed by him, provided that the interest was payable on capital employed in acquiring the profits;
(b) rent paid by any tenant of land or buildings occupied by him for the purpose of acquiring the profits;
(c) the allowances provided by Chapter VI (Depreciation);