TNAG-1490-FCO40-2047-Hong-Kong-Inland-Revenue-(Amendment)-Bill-1986-1986 — Page 37

PRINTED AND PUBLISHED BY D. S. P. PEARCE, ACTING GOVERNMENT PRINTER AT THE GOVERNMENT PRINTING DEPARTMENT, HONG KONG

INLAND REVENUE (AMENDMENT)

Ord. No. 7/86

A25

HONG KONG

No. 7 OF 1986

I assent.

L.S.

Edward YOUDE,

An Ordinance to amend the Inland Revenue Ordinance.

Governor.

13 March 1986

[14 March 1986]

Enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof.

1. (1) This Ordinance may be cited as the Inland Revenue (Amendment) Short title and Ordinance 1986.

(2) Sections 3 and 4 shall apply in relation to the year of assessment 1984/85 and subsequent years of assessment.

2.

application.

Amendment of section 2.

Section 2(1) of the principal Ordinance is amended- (a) in the definition of “approved retirement scheme" by deleting "or provident (Cap. 112.)

fund";

(b) by inserting after the definition of "receiver" the following—

3.

""retirement scheme" means any scheme or arrangement, whether or not it is enforceable or intended to be enforceable by legal proceedings, under which, or any provident fund out of which, there is to be paid for the benefit of any person or of his widow, children, surviving dependants or legal representative, any pen- sion, annuity, lump sum, gratuity or other like benefit to be paid- (a) on retirement, or in anticipation of retirement, or, in con-

nexion with previous employment, after retirement; or (b) on or in anticipation of or in connexion with any change in

the nature of the employment of any person,

and includes any pension, annuity, lump sum, gratuity or other like benefit which is to be afforded by reason of the death or disability of a person occurring during his employment, where such pension, annuity, lump sum or gratuity is calculated by having regard to the period of such service;".

Section 8(2) of the principal Ordinance is amended—

(a) by deleting the full stop at the end of paragraph (j) and substituting a

semicolon;

(b) by inserting after paragraph (j) the following—

"(k) any salary or other remuneration paid by another person who is chargeable to profits tax under Part IV which, but for section 17(2), would be deductible in computing the profits or losses of such other person for the purposes of that Part.".

Amendment of

section 8.

4.

Section 16 of the principal Ordinance is amended

(a)

in subsection (2)—

(i) by deleting "or" at the end of paragraph (d);

Amendment of section 16.