1955-HKRS28-8-22_Part02 — Page 40

Amend- tment of Rection 2.

(Cap. 112).

3. Section 2 of the Inland Revenue Ordinance (hereinafter referred to as the principal Ordinance) is amended--

(a) by the insertion in the definition of the expression "basis

period"

(i) after the word "on" in the first line of the following-

"the income or"'; and

(ii) after the word "year" in the second line of the

following-

**ultimately";

(b) by the deletion of the definitions of the following

expressions-

(i) "income arising in or derived from the Colony"; (ii) "owner" ; and

(iii) "profits";

(e) by the addition thereto of the following definitions, in their appropriate alphabetical order having regard to the initial letter of each of them-

"assessable profits" means the net profits for any period arising in or derived from the Colony calculated in accordance with the provisions of Part IV but does not include profits arising from the sale of capital assets;

"body of persons" means any body politic, corporate or collegiate and any company, fraternity, fellowship and society of persons whether corporale or not corporate;

"Governor" means the Governor of Hong Kong and includes the officer for the time being administer- ing the Government;

"inspector" means an inspector appointed under this

Ordinance;

"wife" means the lawful wife of any person married to him by a Christian marriage or its civil equiva- lent, or in the case of a Chinese or any other Asiatic the principal spouse:

"wife living apart from her husband" means a wife

who is living apart from her husband either- (a) under the decree of a competent court; or

4.

(b) under a duly executed deed of separation; or

(c) in such circumstances that in the opinion of the Commissioner the separation is likely to be permanent".

Section 3 of the principal Ordinance is amended by the Amend deletion from the last line of subsection (2) of the words "and went of assessors" and the substitution therefor of the following-

6.

'assessors and inspectors".

Section 4 of the principal Ordinance is amended-

(a) by the deletion from paragraph (b) of subsection (4) of the full stop and the substitution therefor of the following-

", or";

(b) by the addition after paragraph (6) of subsection (4) of

the following new paragraph-

(14 of 1962).

"(e) to the Director of Commerce and Industry' to such extent as the Commissioner may deem necessary for the purpose of enabling the Director of Commerce and Industry to exercise his discretion as to remission of fees on grounds of hardship as provided for in subsection (5) of section 7 of the Business Regulation Ordinance, 1952.".

aection 3.

Amendment of section

6. Section 5 of the principal Ordinance is repealed and Repeal and replaced by the following section-

"Charge of property tax.

5。 Property tax shall, subject to the provisions of this Ordinance, be charged for each year of assess- ment on the owner of any land or buildings or land and buildings wherever situate in the Colony and shall be computed at the standard rate on the rateable value of such land or buildings or land and buildings for cach such year as assessed for rating purposes under (Cap. 116), the Rating Ordinance, less an allowance for repairs and outgoings of twenty per cent of the said rateable value :

replace- ment of section 6.