of section
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"ship" includes aircraft;
"total profits" for any period means the world profits of a person from his business as an owner of ships as shown by his accounts for such period:
Provided that where the said total profits have been computed on a basis which differs materially from that prescribed in this Part for the ascertain- ment of assessable profits, such profits shall be adjusted so as to correspond as nearly as may be to the sum which would have been arrived at had they been computed in accordance with the provisions of this Part relating to the ascertain- ment of assessable profits.".
Amendment 22. Section 24 of the principal Ordinance is amended by the deletion from subsection (1) after the word "institution" of the word "and" and the substitution therefor of the following-
24.
Amendment
of section 27.
Amendment
of section 29.
Repeal of nection 31.
"which".
23. Section 27 of the principal Ordinance is amended-
(a) by the deletion from subsection (1) of the word "always";
(b) by the deletion of subsection (2) and the substitution
therefor of the following-
"(2) The onus of proving that such profit is not a profit arising in or derived from the Colony shall cease to be on the person charged to tax in respect of such profit if he shall establish that the profit has borne elsewhere a tax of substantially the same nature as the tax charged under this Part.".
24. Section 28 of the principal Ordinance is amended by the addition after the word "Colony" in paragraph (b) of the proviso of the following-
"or to the Government''.
25. Section 31 of the principal Ordinance is hereby repealed.
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28. Section 32 of the principal Ordinance is amended by the Amendment deletion of the word "persons" and the substitution therefor of of section the following-
"person".
32.
27. Section 38C of the principal Ordinance is amended by Amendment the deletion therefrom of the words "the basis period for".
28. Section 40 of the principal Ordinance is amended-
of section 38C.
Amendment of section
(a) by the deletion of the definition of the expression "basis 40. period" and the substitution therefor of the following new definition-
AL
"basis period" has the meaning assigned to it by
section a except that-
(a) where two basis periods overlap the period common to both shall be deemed to fall in the first basis period only, and
(b) where there is an interval between the end of the basis period for one year of assess- ment and the beginning of the basis period for the next year of assessment the interval shall be deemed to fall in the second basis period;":
(b) by the deletion from the definition of the expression "commercial building or structure" of the words "not being an industrial building or structure" and the inser- tion therein after the word "business" at the end thereof of the following-
"other than an industrial building or structure"';
(c) by the insertion in the definition of the expression **relevant interest" after the word "which" of the following-
"the".
41.
20. Section 41 of the principal Ordinance is amended by the Amendmant deletion of paragraph (b) from the definition of the expression of section "individual" in subsection (4) and the substitution therefor of the following-
"(b) an unmarried minor;'.