Amendment
of section 68.
Conse- quential
amendinent
Transitional.
28
grounds that an amount included in the calculation under section 42 of his total income as a share of the assessable profits or losses of a partnership has not been ascertained in accordance with section 22A."; and
(b) by inserting after subsection (7) the following new sub-
section-
"(8) Where an individual makes an objection in the circumstances described in the proviso to sub- section (7)(c), such objection shall be deemed to be an objection by all the parmers as to the share of assessable profits or losses ascertained under sec tion 22A and any determination or agreement made under this section as to such ascertainment shall be binding on all the partners.".
42. Section 68 of the principal Ordinance is amended in subsection (2E) by deleting "an appellant or his representative" and substituting the following-
"an appellant or his authorized representative".
43. Section 38(1) of the Estate Duty Ordinance is amended by deleting paragraph (b) of the provise and substituting the following-
"(b) in determining such assessable profits no account shall be taken of sections 19. 19C and 36 of the Inland Revenue Ordinance.".
44. Notwithstanding section 63H of the principal Ordinance, where a person commericed to carry on a trade, profession of business in the Colony before the 1st April 1974, provisional profits tax in respect of the year of assessment commencing on the 1st April 1975 shall be payable by that person at the standard rate by reference to the amount of profits which would have been the assessable profils for that year of assessment had section 18 of the principal Ordinance continued to apply in respect of that year, but after the set off of any loss available for set off in that year of assessment under section 19 of the principal Ordinance.
Passed by the Hong Kong Legislative Council this of January, 1975.
22nd-day
marmee 22nd day
Marace
Clerk to the Legislative Council.
29
This printed impression has been carefully compared by me with the bill, and is found by me to be a true and correctly printed copy of the said bill.
интет
Clerk to the Legislative Council.