Amendment
14
(1) of section 16B has been allowed as a deduction In ascertaining the profits from such trade or business in respect of which such person is chargeable to tax under Part IV for any year of assessment.""
21. Subsection (4) of section 38 of the principal Ordinance is of section 38. amended by the insertion, after the words "prior to the date of cessa-
tion" in the proviso thereto, of the following-
Amendment
of section 40.
"and notwithstanding the provisions of section 70 an assessor shall make any necessary correction to any assessment".
22. Section 40 of the principal Ordinance is amended-
(a) by the deletion of the definitions "commercial building or structure" and "industrial building or structure" and the sub- stitution therefor of the following-
"commercial building or structure" means any building or structure or part of any buikding or structure used by the owner for the purposes of his trade, profes- sion or business other than an industrial building or structure:
"industrial building or structure" means any building or structure or part of any building or structure used— (a) for the purposes of a trade carried on in a mill,
factory or other similar premises; or
(b) for the purposes of a transport, dock, water, gas or electricity undertaking or a public telephonic or public telegraphic service; or
(c) for the purposes of a trade which consists of the manufacture of goods or materials or the sub- jection of goods or materials to any process; or (d) for the purposes of a trade which consists in the
storage-
() of goods or materials which are to be used in the manufacture of other goods or materials:
or
(ii) of goods or materials which are to be subjected in the course of a trade to any process;
or
(ii) of goods or materials on their arrival into the Colony; or
(e) for the purposes of the business of farming:
(A) for the purposes of scientific research in relation
to any trade or business,
15
and, in particular, the said expression includes any building or structure or part of any building or struc- ture used by a person carrying on a trade, under- taking or business specified in paragraphs (a) to (e) of this definition and provided by him for the welfare of workers employed in his trade, undertaking or business and in use for that purpose;
Provided that-
(i) where part of the whole of a building or struc- ture is, and part thereof is not, an industrial build- ing or structure, and the capital expenditure which has been incurred on the construction of the second mentioned part is not more than one- tenth of the total capital expenditure which has been incurred on the construction of the whole building or structure, the whole building or structure and every part thereof shall be treated as an industrial building or structure; and
(ii) subject to the provisions of paragraph (1) of this proviso but notwithstanding anything else con- tained in the foregoing provisions of this defini- tion, the expression "industrial building or struc- ture” shall not include any building or structure or part of any building or structure used as a dwelling house (other than as a dwelling house for the housing of manual workers), retail shop. showroom, hotel or office;":
(6) by the deletion of the proviso to the definition "residue of
expenditure" and the substitution therefor of the following-
"Provided that in computing the residue of expendi- ture there shall be written off, in respect of any year in which no initial or annual allowance fell to be made, an amount of one-fiftieth of the capital expenditure in the case of a year prior to the year of assessment commenc- ing on the 1st day of April, 1965, and one-twenty-fifth of the capital expenditure in the case of such or any sub- sequent year of assessment, and for the purposes of this proviso "year" means the period which would have com- prised a year of assessment in respect of which an initial or annual allowance would have fallen to be made if the building or structure had then been in use as an industrial building or structure and the provisions of section 34 had then been in force.";
(c) by being renumbered as subsection (1) thereof; and
No comments yet.
Private notes are available after approval.