CO129-615-2 Income tax 10-3-1947 - 6-2-1948 — Page 197

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(3) Such rules may prescribe fines recoverable on sum- mary conviction for any contravention thereof or failure to comply therewith not exceeding in each case a sum of two hundred dollars.

(4) All such rules made by the Board of Inland Revenue shall be submitted to the Governor, and shall be subject to the approval of the Legislative Council.

87.

The Board of Inland Revenue may prescribe any forms which may be necessary for carrying this Ordinance into effect.

88. Taxes under this Ordinance shall, subject to the provisions of this Ordinance and notwithstanding anything contained in any other written law or in any convention grant or agreement be charged at the rates specified for the year of assessment commencing on the first day of April, 1947, and for each subsequent year of assessment until the rates specified are amended by a subsequent Ordinance.

Board of Revenue to

Inland

prescribe forms

Incidence under this

of taxes

Ordinance

89. The Governor in Council may by Order exempt any General person, office or institution from payment of the whole or any portion of any tax chargeable under this Ordinance.

90. The War Revenue Ordinance, 1941, is repealed.

power of Governor in Council to exempt

Repeal of Ordinance No. 13 of 1941

Objects and Reasons

1. In 1940 the War Revenue Ordinance, 1940, was enacted for the purpose of raising funds by way of a tax on incomes to assist His Majesty's Government in the prosecu- tion of the War. In 1941 such Ordinance was replaced by the War Revenue Ordinance, 1941, by consolidation and amendment in the light of experience. Under the 1941 Ordinance, the following taxes were imposed:-

Property Tax.

Salaries Tax.

@

@

Profits Tax.

Interest Tax.

7% on the rateable value. 5% on the first $5,000 of income less certain personal and family allowances and @ 14% on the remainder.

@ 14% on the profits, with a rebate of 7% on the first $50,000 of profits of unincorporated businesses.

@ 14% on the full amount.

Consequent upon the occupation of the Colony by the Japanese in December, 1941, it was no longer possible to administer the Ordinance and upon the liberation of the Colony in August, 1945, the objective of the 1941 Ordinance had been removed.

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