puted by reference to such person's accounts for a similar period ending on the same day in the year of assessment, and the loss so computed shall be deemed to be the loss incurred by such person in that year of assessment.”.
Addition of 17. The principal Ordinance is amended by the addition after new section section 20 of the following new section—
20A.
"Persona chargeable
on behalf of a non- resident.
20A. (1) A non-resident person shall be charge- able to tax either directly or in the name of his agent in respect of all his profits arising in or derived from the Colony from any trade, profession or business carried on in the Colony whether such agent has the receipt of the profits or not, and the tax so charged 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 onc they may be charged to tax jointly or severally in respect of the profits of the non-resident person and shall be jointly and severally liable for the tax thereon,
(2) Every person chargeable to tax as agent, or from whom tax is recoverable in respect of the profits of another person, shall retain out of any assets coming into his possession or control on behalf of such other person or in his 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) Notwithstanding anything contained in sub- sections (1) and (2) of this section, any person who sells any goods in the Colony on behalf of a non- resident person shall furnish quarterly to the Com- missioner a return showing the gross proceeds from such sales and shall at the same time pay to the Com- missioner a sum equal to one per centum of such proceeds or such lesser sum as may have been agreed with the Commissioner. On receipt of such sum the Commissioner shall issue a certificate in the prescribed form:
Provided that the Commissioner may exempt any such person from the provisions of this subsection on such conditions as he may consider fit.".
18. Subsection (3) of section 22 of the principal Ordinance Amendment
of section is amended-
(a) by the deletion of the words "who until that time was"
and the substitution therefor of the following-
"previously";
(b) by the deletion of the words "according to the profits or gains of the trade, profession or business" and the sub- stitution therefor of the following-
"on what would otherwise have been the assess- able profits of such person or persons or the aggrega- tion of such assessable profits";
(c) by the deletion of the words "twelve months" and the
substitution therefor of the following-
"two years",
19. Section 23 of the principal Ordinance is amended-
(a) by the deletion from paragraph (6) of subsection (1) of the words "subsections (3) and (4), which is deemed under subsection (7) to arise in the basis period: and the substitution therefor of the following-
ฟ
**subsections (2) to (7) deemed to arise in the basis period for that year less any dividend received which is required to be excluded by virtue of section 26(a) :
Provided that any such election once made shall be irrevocable and in addition shall be deemed to apply to all future years of assessment and";
(b) by the insertion in the last proviso to paragraph (b) of subsection (1) after the word "Provided" of the following-
"'further"';
22.
Amendment of section 23.