CO129-615-2 Income tax 10-3-1947 - 6-2-1948 — Page 256

oncloure 2

INLAND REVENUE ORDINANCE,

1947.

Explanatory observations in accordance

with Article XXVIII of the Royal Instruxtions.

1. This Ordinance was passed with amendments on 1st May, 1947.

2. The reasons for enacting the Ordinance are set out in the Objects and Reasons to the Bill attached as Annexure 'A'. ▲ comparative table is annexed to such Objects and Reasons.

3. A Bill was published for general information as a draft in the Supplement to the Gazette of 7th March, 1947, the amount of the standard rate in Clause 5 being unspecified, and such Bill referred to a representative Committee for examination and Report. Such Committee recommended a number of amendments which were in- corporated in the Bill referred to in paragraph 2 of this Report. Such Bill was read a first time in Legislative Council on the 24th April, 1947. The second reading and subsequent stages of the Bill were taken on 1st May, 1947, and the Bill passed by a majority of 13 votes to 3, some amendments being made at the Committee stage on motion of the Financial Secretary.

A copy of the Bill as originally drafted, following closely the "draft Ordinance" prepared by the Commissioner of Inland Revenue in the course of consultations in London is also attached

to this Report as Annexure 'B'. Loomparison between Annexure 'B' and the Ordinance under report is made in Enclosure 5 of the despatch to which this Report is annexed as Enclosure 3.

HONG KONG,

22nd May, 1947.

Attorney General.

258