MOTOR VEHICLES (FIRST REGISTRATION TAX) ORDINANCE.
(Chapter 330),
MOTOR VEHICLES (FIRST REGISTRATION TAX) (DEPRECIATION) (AMENDMENT) REGULATIONS 1967.
In exercise of the powers conferred by section 9 of the Motor Vehicles (First Registration Tax) Ordinance, the Governor in Council has made the following regulations—
1. These regulations may be cited as the Motor Vehicles (First Registration Tax) (Depreciation) (Amendment) Regulations 1967,
2.
Regulation 2 of the principal regulations is amended— (a) by being renumbered as paragraph (1);
(6) by deleting all the words after sub-paragraph (5) of
paragraph (1) as so renumbered; and
(c) by inserting at the end thereof the following-
"(2) In respect of any period of less than one year or any part of a year, depreciation shall be cakulated by reference to the number of months in such period or part of a year-and the rate shall be one-twelfth of the appropriate annual rite."
Citation.
Amendment of regulation 2.
(1.37. $4/67)
COUNCIL CHAMBER,
25th July 1967,
Clerk of Councils.
Explanatory Note.
(This Note is not part of the regulations, but is intended to indicate their general purport),
Doubts have arisen as to the calculation of depreciation in respect of a period of less than one year or part of a year. This ammendinent clarifies the position by ensuring that the period in question to which the appropriate rate of depreciation will be applicable must be expressed in months.
(Secretariat FIN 1/5232/4611)