310075-1941-Supplementary-Draft-Bill--War-Revenue — Page 8

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(4) Every individual who claims an allowance under Proof of this Section shall make his claim on the prescribed form. claims, Such allowance shall be granted if the claim contains such particulars and is supported by such proof as the Commis- sioner may require.

Salaries

14. (1) Salaries tax shall be charged for each year of Rates of assessment upon the net chargeable income for that year calculated as provided by sections 9 to 13 at the following

rates:-

(a) upon the first five thousand dollars at six per cent. (b) upon the remainder at fourteen per cent.:

Provided that where an individual is liable to tax under this Chapter for a part only of any year of assessment, the said sum of five thousand dollars shall be reduced in the proportion which the number of days during which he is so liable bears to the number of days in that year of assess-

ment.

(2) Notwithstanding the provisions of sub-section (1) the tax payable for any year of assessment by an individual who is liable to tax throughout such year shall not be more than the amount by which his assessable income for that year exceeds three thousand six hundred dollars :

Provided that where an individual is liable to tax under this Chapter for a part only of any year of assessment the tax payable shall not be more than the amount by which his assessable income exceeds $3,600 reduced in the proportion which the number of days during which he is so liable bears to the number of days in that year of assessment.

CHAPTER IV.

PROFITS TAX.

of Corpora-

15. Corporation Profits Tax shall, subject to the pro- Imposition visions of this Ordinance, be charged on every corporation fronts carrying on trade or business in the Colony at the rate of Tax. fourteen per cent. in respect of the profits arising in or derived from the Colony from such trade or business.

Profits Tax.

16. Business Profits Tax shall, subject to the provisions Imposition of this Ordinance, be charged at the rates specified in this of Business section on every person other than a corporation carrying on trade, profession or business in the Colony in respect of the profits arising in or derived from the Colony from such trade, profession or business:---

Upon the first fifty thousand dollars-seven per cent. Upon the remainder-fourteen per cent.

Provided that :-

(i) where the profits assessable under this section from a trade, profession or business do not exceed the sum of five thousand dollars, no tax shall be chargeable in respect thereof;