CO129-615-2 Income tax 10-3-1947 - 6-2-1948 — Page 214

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be deemed to carry on a business, and the whole of its income from transactions both with members and others (including entrance fees and subscriptions) shall be deemed to be receipts from business, and the body of persons shall be chargeable in respect of the profits therefrom.

(3) In this section, "members", in relation to a body of persons, means those persons who are entitled to vote at a general meeting of the body at which effective control is exercised over its affairs.

26. There shall be deducted from any profits tax payable under this Chapter in respect of any trade, profession or business any Property Tax payable under Chapter II of this Ordinance, in respect of any land and/or buildings, by such trade, profession or business.

Deduction of

Property Tax from

Profit Tax

27. (1) For the purposes of assessment the dividends Certain of a corporation, which is subject to tax under this Chapter, shall not be included in the profits of any other person for the purposes of taxation under this Chapter.

(2) For the purposes of assessment no part of the profit or loss of a trade, profession or business, which is subject to tax under this Chapter, shall be included in the profits of any other trade, profession or business for the purposes of taxation under this Chapter.

dividends excluded from assess- ment of

profits

tax from dividends of companies

28. (1) Every company which is registered in the Deduction of Colony shall be entitled to deduct from the amount of any dividend paid to any shareholder tax at the rate paid or payable by the company (as reduced by any relief granted under sections forty-five and forty-six of this Ordinance) on the income out of which such dividend is paid, provided that where tax is not paid or payable by the company on the whole income out of which the dividend is paid the deduction shall be restricted to that portion of the dividend which is paid out of income on which tax is paid or payable by the company.

(2) Every such company 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 company has deducted or is entitled to deduct in respect of that dividend.

CHAPTER V.

Interest Tax.

29. Interest Tax shall be charged at the standard rate on the full amount of any sum falling due after the thirty- first day of March, 1947, being interest arising in or accruing in or received 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;

(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:

Imposition of Interest

Tax

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