1955-HKRS29-8-22_Part02 — Page 47

16

[1

17

Aniend- ment of nection 17.

Amend.

ment of nection 18.

another basis period no part of such special lump sum contribution shall be deducted from the assessable profits of the first of such basis periods."

25. Section 17 of the principal Ordinance is amended- (a) by the insertion in the first line of subsection (1) after

the word "ascertaining" of the following-

''assessable"';

(b) by the deletion from the second line of paragraph (5) of subsection (1) after the word "producing" of the word "the" and the substitution therefor of the following-

"such";

(c) by the deletion from the third line of paragraph (f) of subsection (1) of the word "the" and the substitution therefor of the following-

"such":

(d) by the deletion from the second line of paragraph (g) of

subsection (1) of the words "and annuities",

(e) by the addition to subsection (1) of the following new

paragraph-

"(k) any sum paid by an employer as a contribution to a retirement scheme fund for the benefit of an employee, to the extend by which such pay- ment exceeds 15% of the total emoluments of such employee from such employer for the period in respert of which such payment is made.";

() by the insertion in the first line of subsection (2)—

(i) after the word "the" of the following-

"assessable"; and

(ii) after the word "or" of the following- "the".

26. Sertion 18 of the principal Ordinance is amended—

(8) by the deletion from the third line of subsection (1) of the word "is" and the substitution therefor of the following-

"such";

(b) by the insertion in subsection (2) before the word

"profits" wherever it occurs of the following- "assessable";

(c) by the insertion in the third line of subsection (3) before

the word "profits" of the following-

“'assessable";

(d) by the insertion in the fourth line of subsection (4) before

the word "profits" of the following-

"'assessable";

(c) by the insertion in the fourth line of the proviso to sub- section (4) before the word "profits" of the following-

"assessable":

(0

by the insertion in subsection (5) before the word "profits" wherever it occurs immediately preceded by the word "the" of the following-

'assessable";

(g) by the insertion in the third line of subsection (6) before

the word "profits" of the following-

"'assessable";

(h) by the insertion in the second line of subsection (7)-

(i) before the word "profits" of the following-

"assessable"; and

(i) after the word "or" of the following- "the":

(i) by the deletion in the fourth line of subsection (7) of the word "the" and the substitution therefor of the following-

''such'

27. The principal Ordinance is amended by the addition Addition alter section 18 of the following new sections—

"Calcula- tion of corporation

of new sectiona 18A and

18A. Corporation profits tax shall be charged for 18B. each year

of assessment at the standard rate on the profite tax. assessable profits of a corporation for that year ascer

tained in accordance with the provisions of this Part.