Daduction
of twx by perso
paying interest.
Certificaty
ete. by
100
Provided that there shall be exempt from Interest Tax: (a) any interest paid or payable by or to a banker approved by the Board of War Taxation;
(b) any interest paid or payable to a Corporation carry- ing on trade or business in the Colony;
(c) any interest liable to Income Tax in the United Kingdom or any other part of the British Empire.
31. Where any person in the Colony pays or credits to any other person any sum falling due after the thirty-first day of March, 1941, being interest chargeable with tax under section 30, be shall, notwithstanding any agreement to the contrary whether made before or after the passing of this Ordinance deduct, fourteen per centum from such sum, and every such deduction shall be a debt due from such person to the Government of Hong Kong and shall be recoverable forthwith as such or may be assessed and charged upon such person in addition to any tax otherwise payable by him under this Ordinance. Where any such person fails to make a deduction which be is required to make under this section he shall nevertheless be deemed to have made the deduction.
32. Any person who deducts Interest Tax in accordance of deduction with the provisions of section 31 shall, at the request of the recipient, issue to him a Certificate in the prescribed form showing--
person paying interest.
Set of and refund of deducting.
Recovery of deduction,
(i) the gross amount of the payment;
(ii) the amount of tax deducted;
(iii) the net amount paid or credited;
(iv) the period of accrual.
33-(1) Where the profits of any person which are liable to tax under the provisions of sections 15 and 16 include any sum from which a deduction has been made in accordance with section 31, he shall be entitled, on produc- tion of a Certificate issued in accordance with section 32, to a set off against the tax payable by him under the provisions of Chapter IV of the amount of the deduction shown on such Certificate: Provided that if the amount of the deduction should exceed the amount of Profits Tax, the excess shall be refunded in accordance with section 64.
(2) Where for any year of assessment a person ia assessed to Profits Tax under the provisions of section 20 (5), the Commissioner may in addition to the relief due under paragraph (1) of this section grant such further relief as he may decide to be reasonable.
(3) The aggregate relief granted under this section in respect of any sum deducted by way of Interest Tax shall in no circumstances exceed the amount of such deduction.
34. Any person who has been deemed to have made a deduction from interest payable to another person under the provisions of section 31. may retain out of any assets of such other person coming into his possession or control, so much thereof as shall be sufficient to produce the amount of such deduction, and he shall be and is hereby indemnified against any person whomsoever in respect of his retention of such assets; and where no assets of such other persona
17
come into his possession or control out of which he could retain the amount deducted, the amount of such deduction shall be a debt due to him from such other person.
direct
35. Where, in the opinion of the Commissioner, the every provisions of section 31 relating to the deduction of Interest of tax by Tax have failed or are likely to fail to secure payment of aestimant any sum being tax upon interest charged by section 30, it shall be lawful for him to recover any such sum by way of direct assessment upon the recipient of such interest or upon his agent.
CHAPTER VI.
RETURNS, ETC,
to be
36.-(1) An Examiner may give notice in writing to Returns and any person requiring him within a reasonable time stated in information such notice to furnish a return of any sum assessable to furnished. Property Tax, Salaries Tax, Profits Tax or Interest Tax under Chapters II, 111, IV and V of this Ordinance, containing such particulars and in such form as may be prescribed.
(2) Every person chargeable with tax for any year of assessment who has not been required within a period of three months after the commencement of such year of assess- ment to make a return of any income assessable to such tax for that year as provided in sub-section (1) shall within fourteen days after the expiration of such period give notice to the Commissioner that he is so chargeable.
(3) An Examiner may give notice in writing to any persou when and as often as he thinks necessary requiring him within a reasonable time stated in such notice to furnish fuller or further returns respecting any matter of which a return is required or prescribed by this Ordinance.
(4) For the purpose of obtaining full information in respect of any person's income which is assessable to tax under this Ordinance-
(a) an Examiner may give notice in writing to such person requiring him within a reasonable time stated in auch notice to produce for examination any deeds, plans, instru- ments, books, accounts, trade lists, stock lists, or documents which the Examiner may deem necessary;
(b) an Assistant Commissioner may give notice in writing to such person or to any other person whom he may deem able to furnish information in respect of such income, requiring him to attend at a time and place to be named by the Assistant Commissioner for the purpose of being examined respecting such income or any transactions or matters affect- ing the same.
(5) A return, statement, or form purporting to be furnished under this Ordinance by or on behalf of any person shall for all purposes be deemed to have been furnished by that person or by his authority, as the case may be, unless the contrary is proved, and any person signing any such return, statement, or form shall be deemed to be cognizant
of all mattera therein.
No comments yet.
Private notes are available after approval.