Amendment
of section
Amend- ment of section 5.
Amendment
of section
8.
Repeal of section BA. Amendment of section 10.
Amendment
of section 11.
Amendment
of section
13.4.
effect as from the 1st day of April, 1956, and shall apply to all assessments in respect of the year of assessment commencing on that day and subsequent years of assessment.
3. Section 2 of the principal Ordinance is amended-- (a) by the addition thereto after the definition of the expres
sion "agent" of the following-
G
"approved retirement scheme" means a retirement scheme or provident fund or part thereof approved for the time being by the Commis sioner under section 87A;";
(b) by the deletion from the definition of the expression ''assessable profits" of the words "any period" and the substitution therefor of the following-
S
"the basis period”.
4. Section of the principal Ordinance is amended by the substitution of a semi-colon for the full stop at the end thereof and the addition thereafter of the following new paragraph to the proviso-
5.
**
(e)
property tax shall not be charged for any year of assessment in respect of any land or buildings or land and buildings in the New Territories other than New Kowloon unless and until the Governor by proclamation in the Gazette declares that property tax shall be so charged. ".
Section 8 of the principal Ordinance is amended by the deletion from paragraph (c) of subsection (2) of the words "a provident fund" and the substitution therefor of the following-
"an approved retirement scheme".
6. Section 8A of the principal Ordinance is hereby repealed.
7. Section 10 of the principal Ordinance is amended by the deletion therefrom of the words "charged to tax under this Part",
8.
Section 11 of the principal Ordinance is amended by the deletion from subsection (1) of the word "charged" and the sub- stitution therefor of the following-
9.
"chargeable".
Section 13A of the principal Ordinance is amended- (a) by the deletion from subsection (1) of the word "always";
and
(6) by the deletion of subsection (2) and the substitution
therefor of the following-
(2) The onus of proving that such income is not income arising in or derived from the Colony shall cease to be on the person charged to tax in respect of such income if he shall establish that the income has borne elsewhere a tax of substantially the same nature as the tax charged under this Part."'.
10. Section 15A of the principal Ordinance is repealed and Repeal and replaced by the following section-
**Aggrega- tion for the purposes.
16A. (0) Where in or after the year of assess- ment commencing on the 1st of April, 1956, a person of business chargeable to business profits tax owns the ultimate profita Last of
controlling interest in two or more trades, professions asacasable or businesses or any combination thereof, the assess- profita
able profits or losses thereof for that year of assess- ment shall be aggregated and a single assessment shall be made in the sum of the assessable profits or losses.
from more than one trade, pro- fession or business.
(2) In the case of a trade, profession or business carried on in partnership a person shall, for the pur- poses of this section, be deemed to own the ultimate controlling interest in such partnership if he is entitled to more than fifty per centum of the voting rights therein.".
replace- ment of section 15A.
11. Section 16 of the principal Ordinance is amended by the Amendment deletion from subsection (1) of the words "such profits" where of section they first occur and the substitution therefor of the following-
"profits in respect of which he is chargeable to tax under this Part".
10.
12. Section 16A of the principal Ordinance is repealed and Repeal and replaced by the following section-
"Special payment under an approved retirement scheme allowable
169 4. deduction.
replace- mant of section
16A. (1) Where a person carrying on a trade, 18A, profession or business in the Colony makes a payment which is either-
(a) a contribution, other than an ordinary annual contribution, to a fund duly established under an approved retirement scheme, or