425
40
CAP. 112]
[s. 28 cont.]
30 of 1950, Schedule.
Deduction of tax by person pay-ing interest.
10 of 1950, s.5.
30 of 1950, Schedule.
Certificate of Inland Revenue.
(a) any interest paid or payable by or to a bank approved by the Commissioner;
(b) any interest paid or payable to a corporation carrying on trade or business in the Colony. [29]
29. Where any person in the Colony pays or credits to any other person any sum being interest chargeable with tax under section 28, he shall, notwithstanding any agreement to the contrary whether made before or after the passing of this Ordinance make a deduction from such sum at the standard rate in force at the date on which the interest is paid or is credited, and every such deduction shall be a debt due from such person to the Government of Hong Kong and shall be recoverable forthwith as such or may be assessed and charged upon such person in addition to any tax otherwise payable by him under this Ordinance. Where any such person fails to make a deduction which he is required to make under this section he shall nevertheless be deemed to have made the deduction.
[30]
30. Any person who deducts interest tax in accordance with the provisions of section 29 shall, at the request of the recipient, issue to him a certificate in the prescribed form showing-
30 of 1950, Schedule.
Set-off and refund of deduction.
(a) the gross amount of the interest;
(b) the amount of tax deducted;
(c) the net amount paid or credited;
(d) the period of accrual.
[31]
31. (1) Where the profits of any person which are liable to tax under the provisions of sections 14 and 15 include any sum from which a deduction has been made in accordance with section 29, he shall be entitled, on production of a certificate issued in accordance with section 30, to a set-off against the tax payable by him under the provisions of Part IV of the amount of the deduction shown on such certificate: Provided that if the amount of the deduction should exceed the amount of profits tax, the excess shall be refunded in accordance with section 79.
316
1
425
40
САР. 112]
[s. 28 cont.]
30 of 1950, Schedule.
Deduction of tax by
person pay. ing interest.
10 of 1950, s.5.
30 of 1950, Schedule.
Certificate of
Inland Revenue.
(a) any interest paid or payable by or to a bank
approved by the Commissioner;
(b) any interest paid or payable to a corporation carrying on trade or business in the Colony. [29]
29. Where any person in the Colony pays or credits to any other person any sum being interest chargeable with tax under section 28, he shall, notwithstanding any agree- ment to the contrary whether made before or after the pass- ing of this Ordinance make a deduction from such sum at the standard rate in force at the date on which the interest is paid or is credited, and every such deduction shall be a debt due from such person to the Government of Hong Kong and shall be recoverable forthwith as such or may be assessed and charged upon such person in addition to any tax other- wise payable by him under this Ordinance. Where any such person fails to make a deduction which he is required to make under this section he shall nevertheless be deemed to have made the deduction.
[30]
30. Any person who deducts interest tax in accordance deduction, etc. with the provisions of section 29 shall, at the request of the recipient, issue to him a certificate in the prescribed form showing-
30 of 1950, Schedule.
Set-off and refund of deduction.
(a) the gross amount of the interest;
(b) the amount of tax deducted;
(c) the net amount paid or credited;
(d) the period of accrual.
[31]
31. (1) Where the profits of any person which are liable to tax under the provisions of sections 14 and 15 include any sum from which a deduction has been made in accordance with section 29, he shall be entitled, on produc- tion of a certificate issued in accordance with section 30, to a set-off against the tax payable by him under the provisions of Part IV of the amount of the deduction shown on such certificate: Provided that if the amount of the deduction should exceed the amount of profits tax, the excess shall be refunded in accordance with section 79.
316 -
1
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