1956-HKRS29-8-23_Part03 — Page 12

Amendment

of section

42.

Amendment

of section 123.

Amendoient

16

30. Section 43 of the principal Ordinance is amended by the insertion in subsection (2) after the words "the profits" of the following-

"or losses".

31. Section 428 of the principal Ordinance is amended-- (a) by the deletion of subparagraph (1) of paragraph (d) of subsection (1) and the substitution therefor of the following-

"(i) the annual amount of any premium paid during the year preceding the year of assessment by the individual or his wife, not being a wife living apart from her husband, in respect of any con- tract of insurance on his or her life, and";

(b) by the deletion from subparagraph (ii) of paragraph (d) of subsection (1) of the word "of" where it first occurs.

32. The heading to Part VIII of the principal Ordinance of heading is amended by the deletion of the words "and non-Residents" and

the substitution therefor of the following-

to Part

VIII.

Repeal of section 44.

Amendment of section 45,

Repeal of acctions

**Relief".

33. Section 44 of the principal Ordinance is hereby repealed.

34. Section 45 of the principal Ordinance is amended-

(a) by the deletion of subsection (4) and the substitution

therefor of the following-

"(4) For the purpose of this section the expres- sion rate of tax" when applied to tax paid or pay- able under this Ordinance means the rate determined by dividing the amount of the tax paid or payable for the year (before the deduction of the relief granted under this section) by the amount of the income in respect of which the tax paid or payable under this Ordinance has been charged for that year."';

(b) by the deletion from subsection (6) of the words "section

44 and"'.

35. Sections 47 and 48 of the principal Ordinance are hereby

47 and 48. repealed.

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36. Section 49 of the principal Ordinance is amended by the Amendment deletion of subsection (a).

37, Section 51 of the principal Ordinance is amended—

(a) by the deletion of subsection (2) and the substitution

therefor of the following-

"(2) Every person chargeable to tax for any year of assessment shall inform the Commissioner in writing that he is so chargeable not later than four months after the end of the basis period for that year of assessment unless he has already been required to furnish a return under the provisions of subsection (1). "';

(b) by the deletion from subsection (4) of the words "respect of any person's income which" and the substitution therefor of the following-

"regard to any sum in respect of which any person";

(c) by the insertion in paragraph (4) of subsection (4) after

the words "stock lists," of the following-

"vouchers, bank statements";

(d) by the deletion from paragraph (b) of subsection (4) of the word "income" wherever it occurs and the sub- stitution therefor of the following-

**sum";

(e) by the deletion of subsection (6) and the substitution

therefor of the following-

"(6) Any person who ceases to carry on any trade, profession or business or who ceases to own any source of income in respect of which tax is chargeable under the provisions of Parts III, IV or VII shall so inform the Commissioner in writing within one month of such cessation. **;

(by the addition after subsection (6) of the following new

subsection-

"(7) Any person chargeable to tax under Parts III, IV or VII of this Ordinance who is about to leave the Colony for any period exceeding one month

of section 49.

Amendment of section 61.