1975-HKRS28-16-23_Part01 — Page 31

Demande for provi. sional profits tax

Holding

over of payment of provi- sional profits tax.

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631. In any year of assessment, a notice for pay- ment of provisional profits tax may be-

(2) given separately to the person liable to pay

that provisional profits tax; or

(6) included in a notice of assessment to pro-

fits tax.

63J. (1) Where in relation to any year of assessment a person is liable to pay provisional pro- fits tax, he may, by notice in writing lodged with the Commissioner not later than fourteen days before the day by which the provisional profits tax is to be paid, apply to the Commissioner on any of the grounds specified in subsection (2) to have the payment of the whole or part of such tax held over until he is required to pay profits tax for that year of assessment or, in the case of an application on the ground set out in subsection (2)(e), until...

(a) the determination of the objection or settle-

ment thereof under section 64(3); or

(5) he is required to pay profits tax for that

year of assessment,

whichever is the sooner.

are-

(2) The grounds referred to in subsection (1)

(a) that the assessable profits for the year of assessment of the person assessed to pro- visional profits tax are, or are likely to be. less than ninety per cent of the assessable profits for the year preceding the year of assessment or of the estimated sum in respect of which the person is liable to pay provisional profits tax;

(b) that the amount of any loss brought for- ward for set off to that year of assessment under section 19 or section 19C has been omitted or is incorrect;

(c) that the person assessed to provisional profits tax has ceased, or will before the end of the year of assessment cease, to carry on his trade, profession or business and that the assessable profits to be

Provisional profits tax to be applied against profits tax.

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assessed under section 18D for that year of assessment are, or are likely to be, less than the assessable profits for the year preceding the year of assessment or of the estimated sum in respect of which the person is liable to pay provisional profits tax;

(d) that the person assessed to provisional pro- fits tax has elected or is deemed to have elected to be personally assessed under Part VII for that year of assessment and that such personal assessment is likely to reduce his liability to tax; or

(e) that the person assessed to provisional profits tax has objected under section 64 to his assessment to profits tax for the year preced- ing the year of assessment.

(3) On receipt of an application under subsec- tion (1), the Commissioner shall consider the same and may hold over the payment of the whole or part of the provisional profits tax.

(4) The Commissioner shall, by notice in writing. inform the person applying under subsection (1) of bis decision.

63K. When any person has paid provisional pro- fits tax in respect of any year of assessment, the Com- missioner shall, not later than when he gives notice of assessment of profits tax, apply the amount of provisional profits tax so paid in payment first of— (a) the profits tax payable by that person for

that year of assessment; then

(b) the provisional profits tax payable in respect of the year of assessment succeeding that year of assessment,

and shall refund to the person paying the provisional profits tax the amount thereof not so applied.”.

41. Section 64 of the principal Ordinance is amended

Amendment of section

(a) in subsection (7)(c) by deleting the proviso and sub- 64.

stituting the following—

"Provided that nothing in this paragraph shall operate to prevent an objection by an individual on the