N
3
Amendment
3.
Section 11 of the principal Ordinance is amended in subsection of section 11. (9) by the deletion of the proviso thereto and the substitution therefor
of the following
Authend meani of First Schedule.
"Provided that-
(a) any lump sum payment received on or after the 1st day of April 1966, being a lump sum payment or gratuity paid or granted upon the retirement from or termination of any office or employment or any contract of employment of an employee or a lump sum payment of deferred pay or arrears of pay arising from an award of salary or wages, whether such a payment is paid by an employer to a person during employment or after that person has left his employ, shall upon the application of the person en- uided to claim payment thereof be related back and shall then be deemed to be income which has accrued during the periods in which the services or employment, in respect of which the payment was made, were performed or exercised, or if the relevant periods of service or em- ployment exceed three years the payment shall be deemed to be income accruing at a constant rate over the three years ending on the date on which the person became entitled to claim payment thereof or ending on the last day of employment, whichever is the earlier; and notwith- standing the provisions of section 70 an application made by any person under this proviso for the adjustment of an assessment shall, to that extent, be regarded as a valid objection to the assessment under section 64; and (b) subject to proviso (a) any payment made by an employer to a person after that person has left bis employ which, if it had been made on the last day of that employment, would have been included in that person's assessable income for the year of assessment in which he ceased to derive income from that employment, shall be deemed to have accrued to that person on the last day of that employment.”.
4. The First Schedule to the principal Ordinance is amended- (a) by the deletion of the words "For the year of assessment 1950/51 and until superseded" and the substitution therefor of the following--
"For the years of assessment 1950/51 to 1965/66 inclusive":
(b) by the insertion at the end thereof of the following-
"For the year of assessment 1966/67 and until superseded -fifteen per cent".
5.
ot Secend
The Second Schedule to the principal Ordinance is amended Amendment (a) by the deletion of the words "For the year of assessment Schedule,
1950/51 and each year thereafter until superseded" and the substitution therefor of the following-
"For the years of assessment 1950/51 to 1965/66 inclusive":
(b) by the insertion at the end thereof of the following-
"For the year of assessment 1966/67 and each year there- after until superseded.
Second Columin.
(a) Upon the first five thousand dollars
(6) Upon the next five thousand dojkys
(2)
Third ColumIM.
21 per cent
54 per cent
do
81 per cent
(d)
do
11
per cent
(e)
do
14 per cent
do
17 per cent
do
20 per cent
do
23 per cant
do
26 per cent
SELESS
00
() Lipon the remainder
30 per cent.".
This printed impression has been carefully compared by me with the Bill which passed the Legislative Council on the 18th day of May, 1966, and is found by me to be a true and correctly printed copy of the said Bill.
(Secretariat FIN2/2301/47VI)
Chapman
Deputy Clerk of Councils.
No comments yet.
Private notes are available after approval.