CO129-615-2 Income tax 10-3-1947 - 6-2-1948 — Page 208

(a) Upon the first five thousand dollars at one-quarter of the standard rate.

(b) Upon the next five thousand dollars at one-half of the standard rate.

(c) Upon the next five thousand dollars at three-quarters of the standard rate.

(d) Upon the next five thousand dollars at the standard rate.

(e) Upon the next five thousand dollars at the standard rate plus one-quarter thereof.

(f) Upon the next five thousand dollars at the standard rate plus one-half thereof..

(g) Upon the next five thousand dollars at the standard rate plus three-quarters thereof.

(h) Upon the remainder at twice the standard rate.

Provided that where an individual is liable to tax under this Chapter for a part only of any year of assessment, the sums under (a), (b), (c), (d), (e), (f) and (g) of this section shall be reduced in the proportion which the number of days during which he is so liable bears to the number of days in that year of assessment.

CHAPTER IV.

Profits Tax.

15. Corporation Profits Tax shall, subject to the provisions of this Ordinance, be charged on every corporation carrying on trade or business in the Colony at the standard rate, in respect of the profits arising in, derived from or received in the Colony from such trade or business.

Imposition of Corpora-

tions Profits Tax.

of Business Profits Tax.

16. (1) Business Profits Tax shall, subject to the Imposition provisions of this Ordinance, be charged at the standard rate on every person other than a corporation carrying on trade, profession or business in the Colony in respect of the profits arising in, derived from or received in the Colony from such trade, profession or business.

(2) Where the Commissioner in his discretion considers that the ultimate controlling interest in two or more trades, professions or businesses is owned by the same person he may aggregate the profits of those trades, professions or businesses and make a single assessment thereon as one person in the sum of the profits.

Provided that—

(i) where the profits assessable under this section from a trade, profession or business, or trades, professions or businesses aggregated under the provisions of sub- section (2) of this section, do not exceed the sum of five thousand dollars no tax shall be chargeable in respect thereof;

(ii) the Profits Tax payable by any person other than a corporation in respect of the profits from any trade, profession or business shall not be more than the amount by which the profits from such trade, profession or business exceed the sum of five thousand dollars.

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