Amendment
of section 2.
Amendment
2.
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Subsection (1) of section 2 of the principal Ordinance is amended by the deletion of the definition "business" and the substitution therefor of the following-
"business" includes agricultural undertaking, poultry and pig rearing and the letting or sub-letting by any corporation to any person of any premises or portion thereof, and the sub-letting by any other person of any premises or portion of any premises held by him under a lease or tenancy other than from the Crown;".
3.
of section 3.
(a)
Section 5 of the principal Ordinance is amended---
by the deletion of paragraphs (ba) and (bb) of the proviso thereto;
(5) by being renumbered as subsection (E) thereof, and
(c) by the insertion of the following now subsections-
“(2) (@) Notwithstanding subsection (1), any corpora- tion carrying on a trade, profession or business in the Colony shall, on application made in writing to the Commissioner and on proof of the facts to the satisfaction of the Commissioner, be entitled to exemption from the property tax for any year of assessment in respect of any land or buildings or land and buildings owned by the cor- poration where the corporation would be entitled under section 25 to a set-off of the property tax which, if exemption were not granted under this subsection, would be paid by the corporation: and the property shall be and remain exempted from property tax for each year of assessment in which the circumstances, throughout the whole of that year, are such as to qualify the property for such exemption for the whole of that year. (6) Where the circumstances are such that the property does not qualify for exemption under this subsection for the whole of any year of assessment, then the property tax chargeable in respect thereof shall be reduced in the proportion which the number of days in such year during
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which the property was so qualified bears to the whole of that year, and any excess tax paid shall be refunded.
(c) Every corporation exempted from property tax under this subsection in respect of any land or buildings or land and buildings shall, within thirty days after the event, notify the Commis- sioner in writing of any change in the ownership or use thereof or in any other circumstances affecting such exemption.
(3) Notwithstanding subsection (1)—
(a) in the case of any building or any part thereof owned by a sole owner and occupied solely by him exclusively for residential purposes through- out the whole of any year of assessment, property tax shall not be charged in respect thereof for that year of assessment, and any tax paid shall be refunded:
(b) in the case of any building or any part thereof owned by a sole owner and occupied solely by him exclusively for residential purposes during, but not throughout the whole of, any year of assessment, property tax in respect thereof for that year of assessment shall be reduced in the proportion in which the number of days during which it was occupied solely by the owner exclu- sively for residential purposes during that year bears to the number of days in that year, and any excess lax paid shall be refunded:
(c) in the case of any building or part thereof owned by more than one owner jointly or in common, the property tax which would, but for the pro- visions of this paragraph, be chargeable in respect thereof shall, for the purposes of determining what, if any, reduction in the amount of such tax is allowable under this paragraph, and for this purpose only, be treated as if apportioned-
() in the case of joint ownership, between the joint owners equally; and
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