Amend- ment of Bection 16.
(ii) the cost whereof may be deducted by the purchaser as an expense in computing his assessable profits from such trade or business, the value thereof shall be taken to be the amouni realized on the sale or the value of The consideration given for the transfer; (b) in the case of any other sucli trading stock, the value thereof shall be taken to be the amount which it would have realized if it had been sold in the open market at the date of cessation,''
23. Section 16 of the principal Ordinance is amendes- (a) by the insertion in the first line of subsection (1) after
the words "ascertaining the" of the following- "assessable**;
(b) by the deletion from the fifth line of subsection (1) of the word "the" and the substitution therefor of the following
"such";
(c) by the deletion from the third line of paragraph (4) of subsection (1) after the word "producing" of the word "the" and the substitution therefor of the following-
""such":
(d) by the deletion from the second line of paragraph (b) of subsection (1) after the word "acquiring" of the word "the" and the substitution therefor of the following-
"such";
(e) by the insertion in the second line of paragraph (d) of
subsection (1) after the word "proved" of the following-
"to the satisfaction of the assessor";
( by the insertion in the fourth line of paragraph (d) of subsection (1) after the word "they" of the following-
"are respectively estimated to the satisfaction of the assessor to';
(g) by the addition after paragraph (d) of subsection (1) of
the following new paragraphs-
"(e) expenditure incurred in the repair of any prem-
ises, plant, machinery, implement, utensil or article employed in the production of such profits;
15
(/) expenditure incurred in the replacement of any implement, utensil, or article employed in the production of such profits;
Provided that no allowances have been or shall be made under the provisions of Part VI in respect of such implement, utensil or article ; (g) notwithstanding the provisions of section 17 a sum expended for the registration in the Colony of a trade mark used in the trade, profession or business which produces such profits;";
(k) by the re-numbering of paragraph (e) as paragraph ();
(0) by the deletion of subsection (2).
24. The principal Ordinance is amended by the addition after Addition section 16 of the following new section-
"Special lump sum contribu. tion to an approved
relirement scheme allowablo
19 a
deduction.
18A. (1) Where a person carrying on a trade, profession or business in the Colony makes a special lump sum contribution to an approved retirement scheme fund for the purpose of providing retirement benefits under that scheme for an employee in respect of a period of service completed prior to the com- mencement of such scheme, such contribution shall notwithstanding the provisions of section 17 be deemed to be an expense wholly and exclusively incurred in the production of the assessable profits of such person and shall be deducted therefrom in accordance with subsection (2).
(2) For the purpose of making the deduction provided for in subsection (1) one fifth part of any such special lump sum contribution shall be deemed to have been expended during the basis period in which the total expenditure actually occurred and the remaining four parts shall be deemed to have been expended at the rate of one part in each of the succeeding four basis periods:
Provided that where the basis period in which one port of such special lump sum contribution was made, or is deemed to have been made, overlaps
of new sec– tion 16A.