No. 20]
INLAND REVENUE.
112
[A.D. 1947
Imposition
of Interest Tax.
Deduction of tax by
tax is paid or payable by the corporation.
(2) Every such corporation shall upon payment of a dividend, whether tax is deducted therefrom or not, furnish each shareholder with a certificate setting forth the amount of the dividend paid to that shareholder and the amount of tax which the corporation has deducted or is entitled to deduct in respect of that dividend.
Provided that this section shall not apply to any divi- dend declared in respect of any period ending prior to the first day of April, 1947.
CHAPTER V.
Interest Tax.
29. Interest Tax shall be charged at the standard rate on the full amount of any sum accruing after the thirty-first day of March, 1947, being interest arising in or accruing in the Colony on any debenture, mortgage, bill of sale, loan, deposit or advance, and
(a) paid or payable under any mortgage, debenture or bill of sale registered with any public authority or public officer; or
(b) paid or payable by any person carrying on trade, profession or business in the Colony and allowable as a deduction in ascertaining the profits of such trade, profession or business in accordance with section 17:
Provided that there shall be exempt from Interest Tax (a) any interest paid or payable by or to a banker approved by the Commissioner;
(b) any interest paid or payable to a Corporation carrying on trade or business in the Colony.
30. Where any person in the Colony pays or credits to Person pay. any other person any sum accruing after the thirty-first day ing interest. of March, 1947, being interest chargeable with tax under section 29, he shall, notwithstanding any agreement to the contrary whether made before or after the passing of this Ordinance deduct ten per centum from such sum, and every such deduction shall be a debt due from such person to the Government of Hong Kong and shall be recoverable forthwith as such or may be assessed and charged upon such
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