305474-1941-War-Revenue-Ord--1941-Rules-I---II-made-by-the-Board-under-the — Page 2

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Ships

Sprinklers

THE HONG KONG GOVERNMENT GAZETTE, SEPTEMBER 19, 1941.

Sailing Vessels Scales and Gears

3 % on Prime Cost.

6% Written down value.

73%

4 % on Prime Cost.

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5 % Written down value.

Steam Launches

10 %

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Steam Winches

71%

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Tank Lorries

25 %

31

J

35

Tractors

25 %

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Trailers

5 %

""

>1

"

Tugs

Type Casting Machinery

4 % on Prime Cost.

10 % Written down value.

Type and Blocks

25 %

Rule II.

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11

Method of ascertainment and determination of profits of Hong Kong branches of banks whose head office is outside this Colony.

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1. In this rule unless the context otherwise requires- "Banker means any person carrying on the business of a bank;

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Bank means any bank whose head office is outside this Colony;

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Hong Kong branch" means the business carried on in Hong Kong by any such bank;

"

Other branch' means the business carried on by a bank in any place outside Hong Kong, including that carried on at its principal place of business.

2. Where any accounts prepared by a bank for its own purposes disclose, in the opinion of the Commissioner, the true profits of the Hong Kong branch, the profits of the Hong Kong branch shall, for the purposes of assessment, be computed on the basis of such accounts. Where no accounts are prepared which in the opinion of the Commissioner dis- close the true profits of the Hong Kong branch, the following provisions shall apply to the determination of such profits--

(a) the same proportion of the total profits of the bank. as the assets of the Hong Kong branch bear to the total assets of the bank shall be treated as profits made from transactions in this Colony and shall be assessed accordingly;

(b) when the said total profits have been computed on a basis which differs materially from that prescribed in the Ordinance, the ratio of profits shall be adjusted so as to

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