CO129-595-3 Proposed introduction of income tax 12-12-1946 - 26-1-1947 — Page 50

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(f) rent of, or expenses in connexion with, any premises or

part of premises not occupied or used for the purpose of producing

the profitsj

(g) any tax paid or payable under this Chapter.

(2) In computing the profits or losses of a partnership, nothing

shall be deducted for salaries or other remuneration of partners or

for interest on partners' capital or loans.

19,(1) Save as provided in this section, the assessable profits

liable to Profits Tax of any trade, profession or business for any

year of assessment shall be the full amount of its profits arising in

or derived from the Colony during the year preceding the year of

assessment.

(2) Where the Commissioner is satisfied that the accounts of

trade, profession or business carried on or exercised in the Colony

are usually made up to some day other than the thirty-first day of

March, he may direct that the profits from that source be computed

on the amount of the profits of the year ending on that day in the

year preceding the year of assessment. Where, however, the profits of any trade, profession or business have been computed by reference to

an account made up to a certain day, and no account is made up to the corresponding day in the year following, the profits from that source

both of the year of assessment in which such failure occurs and of

the two years of assessment following shall be computed on such basis

as the Commissioner in his discretion thinks fit.

(3) Where a person comences to carry on a trade, profession or bus-

siness in the Colony on a day within a year of assessment, the profits

arising therefrom for the period from such date to the end of the year

of assessment shall be the assessable profits for such year of

assessment.

(4) where a person has comenced to carry on a trade, profession

or business on a day within the your preceding a year of assessment, the assessable profits for that year of assessment shall be the profits

for one year from such day.

(5), Where a person ceases to carry on a trade, profession or

/business

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