CO129-615-3 Income tax 24-2-1948 - 12-8-1948 — Page 28

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Interest Taxqquarterly instead of by separate payments from

time to time on behalf of each individual.

29.

During the year, 2,206 demands were issued to a

total of $381,307.01.

COLLECTION:

30. A net total of $14,134,951.06, as detailed in the

accompanying schedule, was collected during the year. Until

8th December, 1947 all collections were paid into the Treasury.

This was unsatisfactory as it was difficult to observe the

obligation of secrecy imposed by section 4 of the Ordinance.

On 9th December, 1947, however, a Cash Register became available

and all collections, other than those of Property Tax and

assessments by the Colonial Income Tax Office in London, now

pass through the Collection Section of the Department.

Property Tax:

31. Of the $2,314,138.44 of Property Tax assessed, a

total of $2,312,209.20 was collected during the year leaving.

$1,929.24 outstanding at 31st March, 1948. of this latter

sum amounts totalling $711.30 were not finally due for payment

until after 31st March, and the true arrears, including penalties,

amounted to $1,217.94 only, comprising:-

Hong Kong Kowloon

NIL

8 Demands

$1,215.94

New Territories:

Tai Po

1 Demand

2.00

Ping Shan

Tsun Wan

NIL NIL

9 Demands

$1,217.94

32.

Refunds were made during the year to the amount of

$6,101.29 and Property Tax to the amount of $74,576.11 was

set off against Profits Tax, the true net revenue from Pre--

Tax being therefore $2,231,531.80.

Profits Tax:

33. The net collection of Profits Tax during the year

was $10,712,047.27, as under: