1950_INLAND_REVENUE_ORDINANCE — Page 9

Inland Revenue.

official duties. The Director of Audit or any officer so authorized shall be deemed to be a person employed in carrying out the provisions of this Ordinance for the purpose of subsection (2).

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PART II. Property Tax.

property tax.

5. Property tax shall be charged on and borne by the Imposition of owner of any land or buildings wherever situate in the Colony at the standard rate on the rateable value of such land or buildings or land and buildings as assessed for rating purposes under the Rating Ordinance, less an allow- (Cap. 116.) ance for repairs and outgoings of twenty per cent of the said rateable value: Provided that—

(a) for any year of assessment on the first day of which rents are restricted by reference to rents recoverable on or before 25th day of December, 1941, under the

provisions of the Landlord and Tenant Ordinance, (Cap. 255.) property tax shall be charged at one-half the standard rate;

(b) where no assessment has been made under the Rating Ordinance, the rateable value shall be determined by the Commissioner of Rating and Valuation;

(c) in the case of the New Territories other than New Kowloon, the rateable value for the purpose of property tax shall be taken at one-fourteenth of the value of the buildings as assessed under the Rating Ordinance;

(d) where the owner of the land is not the owner of the buildings thereon, a separate assessment shall be made for the land and for the buildings;

(e) property tax shall not be charged on premises owned 3 of 1949, s.3.

by the Government of the Colony or of any part

of His Majesty's dominions;

(f) where any land or buildings are exempt from rates 3 of 1949, s.3.

by virtue of subsection (2) of section 40 of the Rating Ordinance, there shall be substituted for the rateable (Cap. 116.) value the annual rent (if any) payable to the owner of such land or buildings.

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