1950_INLAND_REVENUE_ORDINANCE — Page 23

Inland Revenue.

ment within which the dividend is declared payable: Provided that where tax is not paid or payable by the corporation on the whole income out of which the dividend is paid the deduction shall be restricted to that portion of the dividend which is paid out of income on which tax is paid or payable by the corporation.

(2) Every such corporation shall upon payment of a dividend, whether tax is deducted therefrom or not, furnish each shareholder with a certificate setting forth the amount of the dividend paid to that shareholder and the amount of tax which the corporation has deducted or is entitled to deduct in respect of that dividend.

PART V.

Interest Tax.

[CAP. 112

[28] 30 of 1950,

Schedule.

interest tax.

28. Interest tax shall be charged at the standard rate on Imposition of the full amount of any sum accruing after the 31st day of March, 1947, being interest arising in or accruing in the Colony on any debenture, mortgage, bill of sale, loan, deposit or advance, and

(a) paid or payable under any debenture, mortgage or bill of sale registered with any public authority or public officer; or

(b) paid or payable by any person carrying on trade, profession or business in the Colony and allowable as a deduction in ascertaining the profits of such trade, profession or business in accordance with section 16; or

(c) paid or payable under an instrument issued by the 3 of 1949, s.11.

Government of Hong Kong under-

(i) the Public Works Loan Redemption Ordin (15 of 1933.)

ance; or

(ii) the Hong Kong Dollar Loan Ordinance; or (iii) the Rehabilitation Loan Ordinance; or any other Ordinance enacted to make provision for raising a loan the repayment of which is charged on the revenues of the Colony:

Provided that there shall be exempt from interest tax-

315

(Cap. 73.)

(Cap. 76.)