1974-HKRS28-16-22_Part03 — Page 10

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(b) by inserting, after subsection (1), the following new

subsection-

Amendment

3.

of section 37A.

(a)

Amendment

of section

71.

"(1A) For the purposes of subsection (1), the initial allowance shall be-

(4) in respect of a year of assessment up to and including the year of assessment comment- ing on the 1st day of April 1973, equal to one-fifth of the expenditure referred to in subsection (1); and

O'

(b) in respect of a year of assessment com. mencing on or after the 1st day of April 1974, equal to one-quarter of such expendi- ture."./

Section 37A of the principal Ordinance is amended---

in subsection (1) by deleting “equal to one-fifth of the capital portion only of such payment"; and

(5) by inserting, after subsection (1), the following new

subsection-

(1A) For the purposes of subsection (1), the initial allowance shall be--

(a) in respect of a year of assessment up to and including the year of assessment com- mencing on the 1st day of April 1973, equal to one-fifth of the capital portion only of the instalment payment referred to in sub- section (1); and

(b) in respect of a year of assessment com. mencing on or after the 1st day of April 1974, equal to one-quarter of the capital portion only of such payment".

4. Section 71 of the principal Ordinance is amended by inserting, after subsection (5), the following new subsection-

"(SA) Where any tax is in default for a period of not less than six months from the date when it was deemed to be in default, whether such date was before or after the 1st day of July 1974, the Commissioner may order that sum of sums not exceeding ten per cent in all of the total unpaid amount of—

(a) the tax in default; and

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(b) any sum or sums added thereto under subsec-

tion (5),

shall be added to such total unpaid amount, and recovered therewith.".

5. Section 72 of the principal Ordinance is amended by Amendment

of section inserting, after "subsection (5)", the following-

**or (5A)".

Passed by the Hong Kong Legislative Council this 8th day of May, 1974.

интет

Clerk to the Legislative Council.

This printed impression has been carefully compared

by me with the bill, and is found by me to be a true and correctly printed copy of the said bill.

Clerk to the Legislative Council.

72,