Repeal and replace- ment Af
aection 14
Repeal and
replace-
ment of
Interpre tation.
12
(2) In determining any such doubt regard shall he had to the fact inder alia as to whether or not the income in dispute has borne elsewhere ʼn tax of sub- stantially the same nature as the tax charged under this Part.
(3) For the purposes of this section an assessor may require a person who alleges that he has been charged to tax in respect of income not arising in ar derived from the Colony to declare in writing-
(a) the name of the place in which such person alleges the income arose or whence it was derived; and
(b) whether such income has or has not borne in that place a tax of substantially the same nature as the tax charged under this Part.
138. In this Part-
"income arising in or derived from the Colony" shall, without in any way limiting the meaning of the expression, include all income derived from services rendered in the Colony,"
20. Section 14 of the principal Ordinance is repealed and replaced by the following section---
"Charge of 14. (1) Corporation profits tax shall, subject to corporation
the provisions of this Ordinance, be charged for ench profits lax.
year of assessment on every corporation carrying on trade or business in the Colony in respect of the profits of the corporation arising in or derived from the Colony from such trade or business.
(2) Any sum arising in or derived from the Colony, other than a sum from the sale of capital assets, received by or credited to a corporation carry- ing an a trade or business in the Colony shall be deemed to arise from the trade or business carried on."'
21. Section 135 of the principal Ordinance is repealed and replaced by the following section—
section 15. "Charge of
15. (1) Business profits tax shall, subject to the bugineas profta tax. provisions of this Ordinance, be charged for each year
of assessment on every person other than a corporation
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carrying on a trade, profession or business in the Colony in respect of the profits of that person arising in or derived from the Colony from such Trade, pro- fession or business.
(2) Any sum arising in or derived from the Colony, received by or credited to a person other than a corporation carrying on a trade, profession or business in the Colony shall be deemed to arise froen such trade, profession or business :
Provided that any such sum which-
(a) is able to interest rax under Part V; or (b) arises from the sale of a capital asset; or (e) is received by or credited to a person carrying on a trade, profession or business hut which derives from his own personal property,
shall not be deemed so to arise,”
22. The principal Ordinance is amended by the addition after. Addition section 15 of the following new sections-
*Acrrega- Lion of assessable profits
from more than one trade, pro- fession or business.
Flusband and wife.
Valuation
of trading
stock on
15A. Where the ultimate controlling interest in two or more trades, professions or businesses or any combination thereof is in any year of assessment owned by the same person, such person shall aggregate the assessable profits and losses thereof for that year and Lax shall be charged accordingly on such person in one single assessment,
158. For the purposes of this Part a wife anı being a wife living apart from her husband shall be deemed to be one and the same person as her husband.
150. Where a person ceases to carry on a trade or business the trading stock of the trade or business cessation of at the date of cessation shall be valued for the purpose business.
of computing the assessable profits of that person as follows-
(a) in the case of any such trading stock-
(i) which is sold or transferred for valıı- able consideration to a person who carries on or intends to carry on a trade or business in the Colony; and
of new sections
15A, 158 and 150.
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