7
22
adequately with assessment to Profits Tax and of the possible
assessments for 1947/48 only five per cent had been completed
by the end of the year. This five per cent, however, included
an unduly large proportion of large firms and the actual tax
charged included more than 30 per cent of the estimated total
Profits Tax for the year. Total net charges made during the year a
amounted to $15,937,412.85, as detailed on the accompanying
schedule.
Property Tax:
16. The main work of assessing and collecting Property
Tax devolved upon the Treasury, from the mating records already
in use in that Department in respect of Hong Kong, Kowloon and
New Kowloon. In the New Territories the District Officers
co-operated in the work of assessment and in the case of the
Northern Districts the District Officer also undertook to be
responsible for collection. I gratefully acknowledge the
invaluable assistance thus renderød by the Treasury and the
District Officers.
17. The following were the net assessments to Property
Tax:
Assessments
Hong Kong
17,001
Kowloon & New Kowloon
New Territories:-
12,557
Tai Po
249
Tax charged.
$1,541,951.26 756,132.21
2,134.77
Ping Shan Tsun Wan
154
1,588.22
113
3.331.98
30,074
$2,314, 138.44
# **
Profits Tax:
18. Assessment to Profits Tax is the sole concern of
Under the circume
Unit 1. As is to be expected, this Unit comprises the greater
part of the department and as such has been the most affected
by the shortage of senior assessing staff. stances I regard the raising of assessments to the amount of some twelve million dollars of tax, in addition to the pre- liminary work of opening of of the Unit, as not unsatisfactory.
19. At 31st March, 1948 there were in existence 20,422
In 2,723 of these cases open Profits Tax assessment files.