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Friday, December 29, 1972
Provisions are also made for a person assessed to provisional tax
to apply for at least a partial "stand over" of tax until he is due to pay
salaries tax for the year of assessment if he can show that his net chargeable
income will be considerably reduced.
The grounds for applying for a stand over are:
that the taxpayer has become entitled to an additional allowance for a wife, child or dependant parent since being assessed to provisional salaries tax.
that the taxpayer's net chargeable income in the year of assessment is, or is likely to be, less than 80 per cent of his net chargeable income on which the provisional salaries tax is charged.
that the taxpayer had ceased to become chargeable
to salaries tax during the year of assessment.
One clause in the Bill amends the section in the Ordinance dealing
with property tax on vacant premises, by providing for a reduction in property
tax of 1/24th of the tax payable for each month the premises are unoccupied,
instead of the whole 1/12th reduction as at present.
The Bill also contains a number of clauses not directly connected
with the main proposals but which serve to update and strengthen the administrative
procedures in the existing Ordinance.
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