Amendment of section 24.
Amendment of section 26.
Repeal of section 27,
Amendment of section 26.
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(6) by inserting after subsection (5) the following new sub-
section-
"(6) For the purposes of this section, a sum receivable by a ship-owner under a charter party other than a bare boat, voyage or time charter under which there is a demise of the ship, shall be taken to be receivable from the carriage of passengers, mails, livestock and goods or in respect of towage.",
17. Section 24 of the principal Ordinance is amended in sub- section (2) by deleting "entrance fees and" in the first place where it occurs.
18. Section 26 of the principal Ordinance is amended- (4) in paragraph (4), by deleting ", and" and substituting a
semicolon;
(6) in paragraph (5) by deleting the full stop and substitut-
ing the following-
"and": and
(e) by inserting after paragraph (b) the following new
paragraph-
"(c) interest in respect of which interest tax has been paid under Part V shall not be included in ascertaining the profits of a person, other than a corporation, chargeable to tax under this Part.".
19. Section 27 of the principal Ordinance is repealed.
20. Section 28 of the principal Ordinance is amended-
(a) by being renumbered as subsection (1) thereof;
(b) in subsection (1) (as so renumbered)—
() by inserting after "year of assessment" the fol- lowing
"at the standard rate”; and
(ii) by inserting after "Banking Ordinance" in para- graph (a) of the proviso the following—–—
"or a public utility company specified in the Third Schedule"; and
(c) by inserting the following new subsection-
"(2) The Governor in Council may, by notice in the Gazerre, amend the Third Schedule.”.
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21. Section 28A of the principal Ordinance is repealed.
22. Section 29 of the principal Ordinance is repealed and replaced by the following-
of interest
Max.
“Deduction 29. (1) Where a person in the Colony pays or and payment credits to any other person a sum being interest chargeable with interest tax under section 28, he shall, at the time he makes the payment or credit and not- withstanding any agreement to the contrary whether made before or after the passing of this Ordinance, make a deduction from such sum of interest tax as determined in accordance with section 28.
(CD. 155.)
(2) A person who makes a deduction of interest tax under subsection (1) shall pay the amount of the deduction to the Government within thirty days-
(a) and, except in the case where paragraph (5) applies, issue to the recipient of the interest within forty-two days of making the deduc- tion a certificale in the specified form containing an acknowledgment by the Commissioner of the receipt by the Govern- ment of the amount of the deduction and specifying-
(1) the gross amount of the interest; (ii) the net amount paid or credited: (iii) the period of accrual of the interest; (iv) the date of the payment or credit: and
(b) in the case of a bank licensed under the
Banking Ordinance or any other corpora tion specified by the Commissioner by notice in the Gazette for the purposes of this paragraph, issue to the recipient of the interest, if he so requests, a certificate in the specified form specifying-
(i) the gross amount of the interest; (ii) the net amount paid or credited; (ii) the period of accrual of the interest; (iv) the date of the payment or credit.
(3) A person to whom a certificate under sub- section (2) has been issued may, if he is aggrieved by a deduction of interest tax suffered by him, notify the Commissioner within ninety days of receiving the
Repeal of section 18A.
Repeal and replacement of section 29.