THE HONG KONG GOVERNMENT GAZETTE, SEPTEMBER 19, 1941.
correspond as nearly as possible to the ratio which would have. been arrived at if the total profits had been computed in accordance with the provisions of the Ordinance :
Where it appears expedient to the Commissioner he may, in relation to any exchange transaction, instead of acting under the provisions of sub-paragraphs (a) and (b) of this paragraph, estimate the amount of the profits from the trans- action and assess such profits accordingly.
Made by the Board of War Taxation this 11th day of August, 1941.
Approved by the Legislative Council this 18th day of September, 1941.
1395
Notes.
R. EDWARDS, Deputy Clerk of Councils.
RULE II.
This rule applies to non-resident banks operating in Hong Kong.
Paragraph 2.-It is expected that the accounts of the Hong Kong branches of banks will be sufficiently accurate for the computation of the profits of the branch to be based upon them.
Where, however, either no branch accounts are prepared, or the Hong Kong branch accounts are so merged with the accounts of other branches as to make it difficult to compute the true profits provision is made for the profits to be ascertained by apportioning the total profits of the bank in the ratio of the Hong Kong assets to total
assets.
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