ALLETSAIN-
ment of
IDCOVA DE dubs, trade
Mssociation,
etc.
Deduction
of Property Tax from
12
inken in each case by set-off against such expenses of any income or profits other than premiums.
(8) Where the Commissioner is satisfied that by reason of the limited extent of the business transacted in the Colony by a non-resident insurance company it would be unreason- able to require the company to furnish the particulars necessary for the application of sub-sections (1) and (2), be may, notwithstanding the provisions of those sub-sections, permit the profits of the company to be ascertained by reference to the proportion of the total profits and income of the company corresponding to the proportion which its premiums from insurance inusiness in the Colony bear to its total premiums, or on any other basis which appears to him to be equitable.
(4) For the purposes of this section "investiment' income of the Life Insurance Fund means, in the case of a com- pany whose sole business is life insurance, the whole of its income from investments, and, in the case of any other company, such part of its income from investments as appears fairly attributable to its life insurance business.
24-(1) Where a body of persons, whether corporate or unincorporate, carries on a club or similar institution and receives from its members not less than half of its gross receipts on revenue account (including entrance fees and subscriptions), it shall not be deemed to carry on a business; but where less than half of its gross receipts are received from members, the whole of the income from transactions 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 wincorporate, 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 suns were allowable deductions for the purposes of section 16, 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 a 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.
25. There shall be deducted from any profits tax payable under this Chapter in respect of any trade, profession or Proots Tax. business any property tax payable under Chapter II of this Ordinance, in respect of any land and/or buildings, by such trade, profession or business.
Bertain dividends
excluded
From
ABAGS Dent
of profita.
26. For the purposes of assessment the dividends of a corporation, which is subject to tax under this Chapter, shall not be included in the profits of any other person for the purposes of taxation under this Ordinance.
13
CHAPTER V.
RETURNS, ETC.
information
27-(1) An Examiner may give notice in writing to Beturns and any person requiring him within a reasonable time stated to be in such notice to furnish a return of any sum assessable furnished. to Property Tax. Salaries Tax or Profits Tax under Chapters II, III and IV of this Ordinance, containing such particulars and in such form as may be prescribed.
(2) Every person chargeable with tax for any year of assessment who has not been required within a period of three months after the commencement of such year of asseRs- ment to make a return of any income assessable to such tax for that year as provided in sub-section (1) shall within fourteen days after the expiration of such period give notice to the Commissioner that he is so chargeable.
(3) An Examiner may give notice in writing to any person when and as often as he thinks necessary requiring him within a reasonable time stated in such notice to furnish fuller or further returns respecting any matter of which a return is required or prescribed by this Ordinance.
(4) For the purpose of obtaining full information in respect of any person'a income which is assessable to tax under this Ordinance-
(a) an Examiner may give notice in writing to such person requiring him within a reasonable time stated in such notice to produce for examination any deeds, plans, instru- iments, books, accounts, trade lists, stock lists, or documents which the Examiner may deem necessary;
1
(b) an Assistant Commissioner may give notice in writing
to such person or to any other person whom he may deem able to furnish information in respect of such income, requiring him to attend at a time and place to be named by the Assistant Cornmissioner for the purpose of being examined respecting such income or any transactions or matters affect- ing the same.
(5) A return, statement, or form purporting to be furnished under this Ordinance by or on behalf of any person shall for all purposes be deemed to have been furnished by that person or by his authority, as the case may be, unless the contrary is proved, and any person signing any such return, statement, or form shall be deemed to be cognizant of all matters therein.
(6) For the purposes of making an assessment under section 30 the Examiner may serve a notice upon any person requiring him to furnish within such time, not being less than seven days, as may be specified in the notice, a return in the same form and verified in the same manner as a return under sub-section (1) setting forth (along with such other particulars as may be provided for in the notice) his income assessable to Property Tax, Salaries Tax or Profits Tax under Chapters II, III and IV of this Ordinance for each of the completed previous years comprised in the period first referred to in section 36 (1) and his estimated assessable income throughout the period from the expiry of the last of such completed previous years to the probable date of his departure.