Proits of certain bust.
need to be
10
held directly or through nominees, and shares in one company held by or on behalf of another company shall be deemed to be held by the shareholders of the last-mentioned company.
(2) Where a non-resident person carried on business with a resident person with whom he is closely connected and the course of such business is so arranged that it produces to the resident person either no proûte or less than the ordinary profits which might be expected to arise, the business done by the non-resident person in pursuance of his connexion with the resident person shall be deemed to be carried on in the Colony, and such non-resident person shall be assessable and chargeable with tax in respect of his profits from such business in the name of the resident person as if the resident person were his agent, and all the provisions of this Ordinance shall apply accordingly.
20. Where the Commissioner in his discretion considers that the true amount of the profits of a non-resident person computed on in respect of a trade, profession or business carried on in the a percantego Colony cannot be readily ascertained, such profits may be computed on a fair percentage of the turnover of that trade or business in the Colony :
of the turnover.
un
of partant- main.
Persons *sessable on behalf of a
Provided that the amount of such percentage shall be subject to appeal in accordance with the provision of Chapter VII.
21-(1) Where a trade, profession or business is carried on by two or more persons jointly, the tax in respect thereof shall be computed and stated jointly in one sum and a joint assessment shall be made in the partnership name.
(2) The precedent partner shall make and deliver a statement of the profits of losses of such trade, profession or business, on behalf of the partnership ascertained in accord- ance with the provisions of this Chapter relating to the ascertainment of profits.
Where no active partner is resident in the Colony the return aball be furnished by the manager or agent of the partnership in the Colony.
(3) Tax upon the partnership shall be recoverable by ail means provided in this Ordinance out of the assets of the partnership, or from any partner, or from the manager or agent of the partnership in the Colony.
(4) Where under this section profits have been assessed in the name of a partnership, and a change occurs in such partnership by reason of retirement or death, or the dissolu- tion of the partnership as to one or more of the partners, or the admission of a new partner, in such circumstances that one or more of the persons who were joint owners of the assets of such partnership continues to be owner or joint owner of such assets, the person or partnership becoming owner of such assets in consequence of such change shall be charged with the said tax or any part of it which remains unpaid, and the provisions of Chapter VIII shall apply to such person or partnership accordingly.
22-(1) A non-resident person shall be assessable either directly or in the name of his agent in respect of all non-resident his profits made from transactions in the Colony of any
parson.
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trade, profession or business carried on in the Colony, whether such agent has the receipt of the profits or not. and the lax so assessed whether directly or in the name of the agent shall be recoverable by all means provided in this Ordinance out of the assets of the non-resident person or from the agent. Where there are more agents than one they may be assessed jointly or severally in respect of the profits of the non-resident person and shall be jointly and severally liable for tax thereon.
(2) Every person chargeable with tax as agent, or from whom tax is recoverable in respect of the profits of another person, may retain out of any assets coming into his possession or control on behalf of such other person or in Lis capacity as agent so much thereof as shall be sufficient to produce the amount of such tax, and he shall be and is hereby indemnified against any person whomsoever in respect
of his retention of such assets.
(3) Where a person chargeable with tax or from whom tax is recoverable in respect of the profits of another person has paid such tax, and no susets of such other person come into his possession or control out of which he could retain the tax so paid, such tax shall be a debt due to him from sucb other person.
23-(1) The profits of a company, whether mutual or Ascertain proprietary, from the business of life insurance shall be the men of investment income of the Life Insurance Fund less the race profits of management expenses (including commissiou) attributable to compasion. that business !
Provided that where such a company transacts life insur ance business both in the Colony, whether directly or through on agent, and elsewhere, the profits from business in the Colony shall be deemed to be the same proportion of the total investment income of the Life Insurance Fund of the company as the premiums from life insurance business in the Colony bear to the total life insurance premiums received by it, subject to a deduction of agency expenses in the Colony (including commission) and a fair proportion of the expenses of the head office of the company, due account being taken in each case by set-off against such expenses of any income or profits other than life insurance premiums or investment income.
(2) The profits of a company, whether mutual or pro- prietary, from the business of insurance (other than life insurance) shall be ascertained by taking the gross premiums from insurance business in the Colony (less any premiuma returned to the insured and premiums paid on re-insurance) and deducting therefrom a reserve for unexpired risks at the percentage adopted by the company in relation to its opera tions as a whole for such risks at the end of the period of which the profits are being ascertained, and adding thereto a reserve similarly calculated for unexpired risks outstanding at the commencement of such period, and from the net amount so arrived at deducting the actual losses (less the amount recovered in respect thereof under re-insurance), the agency expenses in the Colony, and a fair proportion of the expenses of the head office of the company, due account being