Amendment
of section
61F
Addition of new Part XB.
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(iii) by inserting, after paragraph (c), the following new paragraph-
"(d) that the person assessed to provisional salaries tax has objected under section 64 to his assess- ment to salaries tax for the year preceding the year of assessment.".
39, Section 63F of the principal Ordinance is amended by deleting subsection (1) and substituting the following-
"(1) When any person had paid provisional salaries tax in respect of any year of assessment, the Commissioner shall, not later than when he gives notice of assessment of salaries tax, apply the amount of provisional salaries tax so paid in payment first of-
(a) the salaries tax payable by that person for that year
of assessment; then
(b) the provisional salaries tax payable in respect of the year of assessment succeeding that year of assess- rent.
and shall refund to the person paying the provisional salaries tax the amount of the provisional salaries tax not so applied.".
40. The principal Ordinance is amended by adding after Part XA, the following new Part-
Liability for provi- sional profits tax
Amount of provisional profits tax.
"PART XB
PROVISIONAL PROFITS TAX
63G. Every person who is chargeable to profits tax under Part IV in respect of the year of assess- ment commencing on the 1st April 1975 or any succeeding year of assessment shall be liable to pay provisional profits tax in respect of that year of assessment in accordance with this Part.
63H. (1) Subject to subsections (2), (3) and (4). provisional profits lax in respect of any year of assess. ment shall be payable at the standard rate by reference to the amount of assessable profits for the year preceding the year of assessment, but after the set off of any loss available for set off in the year of assess- ment under section 19 or 190.
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(2) In calculating any assessable profits for a year preceding a year of assessment for the purposes of computing provisional profits tax under subsection (1), there shall be disregarded any loss available for set off in that year.
(3) Where the amount of assessable profits of a person for the year preceding the year of assessment was calculated on a basis period of more or less than one year, an assessor may estimate the sum in respect of which such person is liable to pay provisional profits tax in that year of assessment.
(4) Il a person commences to carry on a trade, profession or business in the Colony on a day within a year of assessment commencing on or after the 1st April 1974, an assessor may estimate the sum in respect of which such person is liable to pay provi- sional profits tax in that year and the succeeding year of assessment.
(5) If a person is liable to pay provisional profts tax, an assessor shall, as soon as may be after the "expiration of the time limited by the notice requiring that person to furaish a return under section $1(1), assess or estimate the amount of provisional profits tax which he is liable to pay.
(6) Notwithstanding subsection (5), an assessor may assess or estimate the amount of provisional profits tax which any person is liable to pay if he is of the opinion that the person is about to leave the Colony or that for any other reason it is expedient to do so.
(7) When an assessor bas assessed or estimated the amount of provisional profits tax which a person is liable to pay, the Commissioner shall give a notice to that person stating the amount of provisional pro- fits tax to be paid, and such due date for payment thereof as may be fixed by the Commissioner.
(8) For the purposes of Part XII. provisional profits tax shall be deemed to be a tax charged under this Ordinance and a notice under subsection (7) shall be deemed to be a notice of assessment.