1971-HKRS29-8-38_Part01 — Page 12

9

Amendment of

section 13A,

Amendmeal of

section 16.

Amendment of section 17.

Repeal of

sections 18A and 188.

10. Section 15A of the principal Ordinance is amended in subsection (1) by deleting "chargeable to business profits tax" and substituting the following-

+

other than a corporation.".

11. Section 16 of the principal Ordinance is amended in subsection (1) by deleting paragraphs (a) and (b) and substituting the following-

(Cop. (16.)

*o) sums payable by such person by way of interest upon any money borrowed by him for the purpose of producing such profits, and sums payable by such person by way of legal fees, procuration fees, stamp duties and other expenses in connexion with such borrowing;

(b) rent paid by any tenant of land or buildings occupied by him for the purpose of producing such profits, but not exceeding, in the case of rent paid by a partnership to one or more of the partners thereof, an amount equal to the rateable value of the land or buildings as determined under the Rating Ordinance:

Provided that where no valuation has been made under the Rating Ordinance in respect of any land or buildings, whether by reason of exemption from rates under that Ordinance or otherwise, the Commissioner of Rating and Valuation shall, if required by the Commissioner of Inland Revenue. cause a rateable value to be placed thereon in the same manner as if such land or buildings were subject to rates under the Rating Ordinance;“.

12. Section 17 of the principal Ordinance is amended in subsection (1) by deleting "such payment exceeds fifteen per cent of the total emoluments of each employee concerned" in para- graph (k) and substituting the following-

"the aggregate of such payments in respect of an em- ployee under an approved retirement scheme or schemes exceeds fifteen per cent of the total emoluments of that employee".

13. Sections 18A and 183 of the principal Ordinance are repealed.

14. The principal Ordinance is amended by adding after section 21 the following new section-

“Computa- Gon of profits (ram cinemato graph films, patents, irademarks,

el.

21A. The profits of a person arising in or derived from the Colony in respect of a sum deemed by paragraph (a) or paragraph (b) of subsection (1) of section 15 to be a receipt arising in or derived from the Colony from a trade, profession or business carried on in the Colony shall, for the purposes of this Ordinance and notwithstanding any other pro- visions of this Part, be taken to be len per cent of such sum.".

15. Section 23B of the principal Ordinance is amended- (a) in subsection (2)-

(i) by inserting before the definition of “charter hire” the following new definition-

"business as an owner of ships” does not include dealing in ships or agency business in con- nexion with shipping;"; and

(i) in the definition of "charter hire", by inserting after "charter party" the following-

"which is either a bare boat, voyage or time charter and under which there is a demise of the ship"; and (b) by inserting after subsection (2) the following new

subsection-

"(3) For the purposes of this section, a sum receivable by a ship-owner under a charter party other than a bare boat, voyage or time charter under which there is a demise of the ship, shall be taken to be receivable from the carriage of pas- sengers, mails, livestock and goods or in respect of towage.".

16. Section 23C of the principal Ordinance is amended-

în subsection (5)—

(a)

(i) by inserting before the definition of "charter hire" the following new definition-

""business as an owner of ships" does not include dealing in ships or agency business in con- nexion with shipping"; and

(ii) in the definition of "charter hire", by inserting after "charter party" the following-

""which is either a bare boat, voyage or time charter and under which there is a demise of the ship"; and

Addition of new section 214.

Amendment of section 23B.

Amendment of section 230.