1949-HKRS29-8-16_Part01 — Page 14

Amendinent

al section G of the

principal

Ordinance.

Amendment

of section IO of the

principal

Ordinance,

Amendment

income arising in or derived from the Colony for the purpose of Chapter III, aball, without in any way limiting the meaning of the term, include all income derived from serviços rendered in the Colony nad nny annuity payable in the Colony;”.

3.

Sortion 6 of the principal Ordinance is bergby 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):

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(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

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

+

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

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

(a) by the deletion of the words **

passage, or frog conveyance in paragraph (1) of sub-section (1) and the substitution therefor of the words C

++ or passage

; and

(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 rental".

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5. Section 11 of the principal Ordinance is hereby emended

of section 11 by the deletion of the proviso and the substitution therefor of the

following:-

of the

principal Ordinance.

Amendmenti

of section

of the

principal Ordinance.

**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 an assessment has been made upon hor, and the provisione of this Ordinance as to collection und recovery of tax shall apply accordingly:

() that where the husband is not assessable to tax under this Chapter or under Chapter VII the wife shall be arressed as a feme sole

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

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(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 Amendroent by the deletion of paragraph (g) and the substitution therefor off section 13 the following paragraph sa paragraph (77)

principal Ordinance.

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---་

(g) any tax paid or payable under this Ordinance other than Salaries and Annuities Tax paid in respect of employees' remuneration."'.

B.

of the

Section 19 of the principal Ordinance is hereby amanded amendment by the deletion of sub-section (7) and the substitution therofor of the following as sub-section (7) —

(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 poriod to divide and apportion to specific periods the profits and losses for any period for whicb accounts have been made up, or to aggregate any such profits 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 in proportion to the number of days in the respective period unless the Commis- sioner, having regard to any special circumstances, otherwise directs."".

of section 19 of the

principal Ordinance.

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

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

principal assessment under Chapter II of this Ordinance in respect of any Ordinance. 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 year of assessment shall be reduced by à sum not exceeding the amount of auch Property tax paid by him: Provided that

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

of the

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

principal Ordinance.

* (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