1949-HKRS28-8-16_Part01 — Page 14

2

Amendinent

al section C of the

principal

Ordinance.

Amendment

of section 10 of the

principal

Ordinance.

Amendment

income arising in or derived from the Colony for the purpose of Chaptor III, sball, without in any way limiting the meaning of the term, include all income derived from services rendered in the Colony and nuy annuity payable in the Colony;"". Sortion 6 of the principal Ordinance is heroby amended- (a) by the deletion of paragraph (v) of the proviso to the said section and the substitution therefor of the following paragraph as paragraph (v) -

3.

LE

(v) Property tax shall not be charged on premises owned by the Government of the Colony or any part of His Majesty's dominions;"; and

1

(4) by the addition to the proviso to the said section of the following paragraph as paragraph (vi)

(vi) Where any land and/or buildings are exempt from rates by virtue of sub-section (2) of section 39 of the Ratin Ordinance, 1901, there shall be substituted for the rateable value the annual rent (if any) payable to the owner of such land and/or buildings.**.

F+

4. Section 10 of the principal Ordinance is hereby amended-

(a) by the deletion of the words passage, or froe conveyance in paragraph (1) of sub-section (I) and the substitution therefor of the words **

or pasoge

; and

11

**

(6) by the deletion of the words "The rental of any place of residence shall be the rental value" in sub-section (2) and the substitution therefor of the words The rental value of any place of residence shall be the reatal ".

5. Section 11 of the principal Ordinance is hereby amended

of section 1 by the deletion of the proviso and the substitution therefor of the

of the

principal Ordinance,

Amendment

following:-

** Provided-

(1) that such part of the total amount of the tax charged to the husband as appears to the Commissioner to be charged in respect of the income of the wife may, if necessary, be collected from the wife, notwithstanding that no assessment has been made upon her, and the provisions of this Ordinance as to collection and recovery of tax sball apply accordingly;

(i) that where the husband is not assessable to tax under this Chapter or under Chapter VII the wife shall be સન્નsessed 18 1 feme sole

I

8. Section 17 of the principal Ordinance is hereby amended at section 17 by the deletion of paragraph (a) of sub-section (1) and the substitution therefor of the following paragraph as paragraph (a) ==

of the

principal Ordinance.

(a) suma payable by such person by way of interest upon any money borrowed by him, provided that such money was borrowed for the purpose of producing the profita;'

7. Section 18 of the principal Ordinance is hereby amouded Amendrocat by the deletion of paragraph (g) and the substitution therefor off on 19 the following paragraph as paragraph (7) =

principal

(a) any tax paid or payable under this Ordinance other than Salaries and Annuities Tas paid in respect of employees* remuneration.".

8.

of the

Ordinance.

Section 19 of the principal Ordinance is hereby amanded Amendment by the deletion of sub-section (7) and the substitution therafor of section 19 of the following as sub-section (7) :-

principal

(7) Where in the case of any trade, profession or business it is necessary in order to arrive at the profits or losses of any year of assessment or other period to divide and apportion to apecific perioda the profits and losses for any period for which accounts have been måde up, or to aggregate any such profita or losses or any apportioned parts thereof, it shall be lawful to make such a division and apportionment or aggregation, and any apportionment under this section shall be made iu proportion to the number of days in the respective period unless the Commis- sioner, having regard to any special circumstances, otherwise

lirecte.""

of the

Ordinance.

9. Section 26 of the principal Ordinance is hereby repealed Repeal and and replaced as follows:-

replacement od" section 2 of the 26. Where Property tax is payable for any year of

principal assessment under Chapter II of this Ordinance in respect of any Ordinanon land and/or buildings owned by a person carrying on trade profession or business, any Profits Tax payable by auch person in respect of that your of nasessment shall be reduced by à sum not exceeding the amount of such Property tax paid by him: Provided that

(i) no reduction shall be allowed unless either the income from such property has been included in such person's taxable profits or the property is occupied by him for the purposes of his trade, profession or business but not for residential purposes; (i) where Property tax, which would otherwise have been allowed as a deduction, excoeds the amount of the Profits Tax payable, the excess may be carried forward and offart against the Profits Tax payable by that person in respect of the naxt ancceeding year of assessment.".

10. Section 28 of the principal Ordinance is hereby amended Amendment by the deletion of sub-section (1) and the substitution therefor of section a of the following sub-section as sub-section (1) -

* (1) Every corporation which is registered in the Colony shall be entitled to deduct from the amount of any dividend paid to any shareholder tax at the rate paid or payable by the corporation (as reduced by any relief granted under anctious 45 and 46) in respect of the year of assessment within which the dividend is declared payable: Provided that where tax is not paid or payable by the corporation on the whole income out of which the dividend

of the

principal Ordinance.