1964-HKRS29-8-31_Part02 — Page 23

Armendment

8.

(g) notwithstanding the provisions of section 17. а sum expended for the registration in the Colony of a trade mark used in the trade, profession or business which produces such profits:

(5) such other deductions as may be prescribed by

any rule made under this Ordinance.

(2) Where, by virtue of the provisions of paragraph (c) of subsection (1), any reduction in the amount of any allow- ance provided by Part VI is made by reason of the extent to which the relevant assets are used otherwise than in the production of the profits in respect of which the person claiming the allowance is chargeable to tax under this Part, such reduction shall not affect the calculation of subse- quent allowances or charges under Part VI which shall be computed in the first place as if the full amount of the allowance had been granted and may then be apportioned in relation to the extent to which the relevant assets are or have been used in the production of such profits.".

Section 17 of the principal Ordinance is amended by the dele- of section 17. tion, in subsection (2), of the words "assessable profits" and the substitu-

tion therefor of the following-

Amendment

of sections

218 and 130.

Amendment

of section 16.

"profits in respect of which a partnership is chargeable to tax undet this Part".

2. Subsection (2) of section 23B and subsection (5) of section 230 of the principal Ordinance are amended by the deletion of the words "assessable profits", where they twice appear in the proviso to the definition "total profits" in each of the said subsections, and the sub. stitution therefor of the following-

“profits in respect of which a person is chargeable to tax”.

10. Section 26 of the principal Ordinance is amended-

(a) by the deletion of the words "the purpose of assessment under"

and the substitution therefor of the following-

"the purposes of"";

(b) by the deletion, in paragraph (a), of the words "assessable profits of any other person" and the substitution therefor of the following-

"profits in respect of which any other person is chargeable to tax under this Part"; and

(c) by the deletion of paragraph (6) and the substitution therefor

of the following-

*(b) subject to the provisions of section 15A no part of

the profits or losses of a trade, profession or business

carried on by a person who is chargeable to tax under this Part shall be included in ascertaining the profits in respect of which any other person is chargeable to tax under this Part.".

11. Section 70A of the principal Ordinance is repealed and replaced Repeal and by the following-

*Powers of Assessor to comxt errors,

704. Notwithstanding the provisions of section 70, i. upon application made within six years after the end of a year of assessment or within six months after the date on which the relative notice of assessment was served, which- ever is the later, it is established to the satisfaction of an assessor that the tax charged for that year of assessment is excessive by reason of an error or omission in any return or statement submitted in respect thereof, or by reason of any arithmetical error or omission in the calculation of the amount of the assessable income or profits assessed or in the amount of the tax charged, the assessor shall correct such assessment:

Provided that under this section no correction shall be made to any assessment in respect of an error or omission in any return or statement submitted in respect thereof as to the basis on which the liability to tax ought to have been computed where the return or statement was in fact made on the basis of or in accordance with the practice generally prevailing at the time when the return or statement was made.".

This printed impression has been carefully compared by me with the Bill which passed the Legislative Council on the 16th day of September, 1964, and is found by me to be a true and correctly printed copy of the said Bill.

(Secretariat FR2/2301/47)

Deputy Clerk of Councils.

replacement Af section MIA.