CO129-595-3 Proposed introduction of income tax 12-12-1946 - 26-1-1947 — Page 74

amount of such tax, and he shall be and is hereby

indemnified against any person whomsoever in respect of his

retention of such assets.

49. (1) where a person carries on a business of shipowner

or aircraft owner or charterer and any ship or aircraft omed

or chartered by such person calls at a port în Colony the

full amount of the profits arising from the carriage of

passengers, mails, livestock and goods shipped in the Colony

shall be deemed to arise in Colony: Provided that this

section shall not apply to goods which are brought to

Colony solely for transhipment.

(2) The following provisions shall apply to the deter-

mination of such profits

(a) the profits arising in Hong Kong from shipping

or air transport business for my accounting period shall be

the

bearing the same ratio to the suns receivable in

respect of carriage of passengers, mails, livestock and goods

shipped in the Colony as the total profits for the said

period shown by that person's accounts bear to the total suNG

receivable by him in respect of the Garriage of passengers,

mails, livestock and goods: Provided that where the said

total profits have been computed on a basis which differs

ᄑ

materially from that prescribed in this Chapter, for the

ascertainment of profits, the ratio of profits shall be adjusted

so as to correspond as nearly as may be

the ratio which

would have been arrived at if the profits had been computed

N

in accordance with

provisions of tim

Chapter, relating

to the ascertainment of profits;

(b) where the provisions of paragraph 2 (a) of this

section ɑnnot for any reason be satisfactorily applied, the

profits arising in the Colony may be computed on a fair

percentage of the full sum receivable on account of the

carriage of passengers, mails, livestock and goods shipped

in the Colony: Provided that where any person has been

assessed for any year of assesment by reference to such

/percentage

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