1975-HKRS28-16-23_Part02 — Page 52

3

(b) in subsection (1A)---

() in paragraph (a) by inserting after "employer" the follow- ing

"or associated corporation":

(i) in paragraph (6) by inserting after "employer" in both places where it appears the following-

For associated corporation"; and

(li) in paragraph (c) by inserting after "employer" in every place where it appears the following-

"or associated corporation"; |

(c) in subsection (2)—

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(1) by inserting after "the employer" where it first appears the following

"or an associated corporation" g

(i) by deleting “seven and, one-half per cent" the following

“ten per cen/";

(ii) in paragraph (2) of the proviso-

14

1

Section 14 of the principal Ordinance is amended-

(4) by deleting the full stop at the end thereof and substituting a

colon; and

(6) by inserting the following at the end thersof—

"Provided that for the year of assessment commencing on the 1st April 1975–

(a) in the case of a corporation, profits tax shall be charged at the rate of sixteen and one-half per cent; and

(b) in the case of a corporation to which a share of the assessable profits of a partnership is apportion- able under section 22A and is charged in the partnership name under section 22, profits tax shall be charged on such share of the paceable profits at the rate of sixteen and one-half per cent.".

and babituding

*

Section 63H()) of the principal Ordinance is amended-

(A) by deleting “six per com" and substituting the follow-

ing

"eight per cent"'; and

(B) by deleting "three per cent' and substituting the follow-8

ing

"four per cent"; and

(iv) in paragraph (6) of the proviso by deleting "seven and one-half per cent" and substituting the following—

"ten per cent; and

(d) by inserting after subsection (5) the following new subsection-

"(6) For the purposes of this section—

"associated corporation" means...

(a) a corporation over which the employer bas

control;

(b) if the employer is a corporation———

( a corporation which has control over the employer; or

__(ii) a corporation which is under the coutro! of the same person as is the employer;

"control", in relation to a corporation, means the power

of a person to secure-

(a) by means of the bolding of shares or the posses

sion of voting power in or in relation to that or any other corporation; or

(b) by virtue of any powers conferred by the

articles of association or other document regu lating that or any other corporation,

that the affairs of the first-mentioned corporation are conducted in accordance with the wishes of thal person.".

(a) by deleting the full stop at the end thereof and substituting a

colon; and

(b) by inserting the following at the end thereof—

4.

"Provided that, in the case of a corporation, for the year of assessment commencing on the 1st April 1975 provisional profits tax shall be payable at the rate of sixteen aúd one-half per cent.".

Amendment of vection 14.

Arseadment of seokon 63H

Section 44 of the Inland Revenue (Amendment) Ordinance 1975 Conrequradai ʼn amended.

1975.

(a) by deleting the full stop at the and thereof and substituting

therefor a coloo; and

(b) by inserting the following at the end thereof—

"Provided that, in the case of a corporation, provisional profits tax shall be payable at the rate of sixteen and one-half per cent.".

Passed by the Hong Kong Legislative Council this 21st day of Max....

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Clerk to the Legislative Couneli.

This printed impression has been carefully compared by me with the bill, and is found by me to be a true and printed copy of the said hi

Clerk to the Legislative Council.

Bokodent. (7 at 1975.)