1971-HKRS28-8-38_Part01 — Page 16

Amendment of section 58.

Amendment of section 39.

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36. Section 58 of the principal Ordinance is amended by inserting after subsection (5) the following new subsection-

“(6) If a notice given under this Part requires something to be done within a time stated in the notice, the Commis- sioner or, in the case of a notice given by an assessor, an assessor may by notice in writing extend the time for com- plying with the notice.".

37. Section 59 of the principal Ordinance is amended-

(a) by inserting after subsection (1A) the following new sub-

sections-

"(18) Notwithstanding subsection (1), where an assessor is satisfied that-

(2) an individual or bis wife, not being a wife living apart from ber husband, carries on (not jointly with another person) a trade. profession or business in the Colony and the individual is eligible to elect under section 41 for personal assessment on bis total income; and

(b) the assessable profits of that individual in respect of his trade, profession or business in the Colony for any year of assessment do not exceed ten thousand six hundred dollars; and

(c) the individual, and his wife, not being a wife living apart from her husband, has no income, property, or profits chargeable to tax under this Ordinance for that year of assessment, other than in respect of such trade, profession or business,

the assessor shall not be obliged to proceed to make an assessment of profits tax in respect of such assess- able profits.

(IC) Notwithstanding subsection (1), where an assessor is satisfied that

() an individual or his wife, not being a wife living apart from her husband, carries on a trade, profession or business in the Colony, either solely or jointly with an- other person, and the individual is eligible to elect under section 41 for personal assess- ment on his total income: and

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(5) the individual, and his wife, not being a wife living apart from her husband, bas no income, property or profits chargeable to Lax under this Ordinance for any year of assessment, other than in respect of such trade, profession or business; and

(c) the assessable profits of the individual in respect of such trade, profession or business for such year of assessment, or his share of those profits if he is a partner in the trade, profession or business, are such that if he elected for personal assessment under section 41 and after taking into account the allowances to which be would be enti- tled under section 42B, no tax would be charged on the individual,

the assessor shall not be obliged to proceed to make an assessment of profits tax in respect of such assessable profits and, if he has made such an assessment, he may notwithstanding section 70. annul the assessment or in case of assessment of a partnership may reduce it insofar as it relates to the share of profits of such individual.":

(b) in subsection (2)--

() by deleting the colon and substituting the follow- ing-

*** or":

■

(ii) by inserting after paragraph (b) the following new paragraph-

"(c) if he accepts the return as substantially correct but considers it necessary to make further inquires on any matter, make immediately a provisional assessment in the amount of the return."; and

(ii) by deleting the proviso.

38. The principal Ordinance is amended by adding after section 59 the following new section—

"Provisional

59A. (1) A provisional assessment under para- assessments. graph (c) of subsection (2) of section 59 shall be a valid assessment for all purposes except that sub- section (1) of section 64 shall not apply unless the provisional assessment is confirmed under subsection (2) of section 62.

Addition of new section 59.A.