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an individual, i.e., his total income from salaries and
annuities
less certain personal allowances.
The full standard
rate was charged on profits and on interest. In the event
of a person electing to have his incomes aggregated and to be
personally assessed thereon, allowances similar to those under
Salaries and Annuities Tax were granted and a similar graduated
scale of rates was applied.
Board of Inland Revenue.
5. Under Section 3 of the Ordinance, a Board of Inland
Revenue was appointed consisting of the Hon. Financial Secre tary, the Hon. M.K. Lo, C.B.E., the Hon. M.M. Watson, A. Ritchie,
Esq., and H.R. Hirst, Esq. During the course of the year,
the Board made rules dealing with the following matters:-
Rates of Depreciation.
Hong Kong branches of banks whose Head
Offices are outside the Colony.
Basis of assessment where the option
to have 1947/48 assessment adjusted to actual profits is exercised.
The dividends liable to tax to be
included in total income under Personal Assessment.
Profits of Hong Kong branches where the
Head Office is outside the Colony.
Apportionment of an annuity between
capital and income.
These Rules were, in due course, approved by the Legislative
Council and are now in force.
Inland Revenue Department.
6. To carry out the provisions of the Inland Revenue
Ordinance, 1947, the Inland Revenue Department, under the Commissioner of Inland Revenue, was set up with effect from 1st April, 1947. In fact, however, a great deal of preliminary work had been done between 1st January, and 1st April, 1947
in anticipation of the passing of the Bill.
7.
The organisation of the Department follows generally,
the lines on "hich the War Tation Department ope ̈
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