1964_INLAND_REVENUE_ORDINANCE — Page 112

1989 Ed.]

Inland Revenue

[CAP. 112

111

"income", in relation to any person, means income derived beneficially by that person; (Replaced 71 of 1983 s. 25)

"loss" and "losses" do not include a loss sustained by a person acting in his capacity as the trustee of a trust. (Added 30 of 1981 s. 9)

(Added 36 of 1955 s. 51)

PART VIII

DOUBLE TAXATION RELIEF

(Amended 49 of 1956 s. 32)

44. (Repealed 49 of 1956 s. 33)

45. Relief in respect of Commonwealth income tax

(1) If any person resident in Hong Kong who has paid, by deduction or otherwise, or is liable to pay, tax under this Ordinance for any year of assessment on any part of his income, proves to the satisfaction of the Commissioner that he has paid, by deduction or otherwise, or is liable to pay, Commonwealth income tax for that year in respect of the same part of his income, he shall be entitled to relief from tax in Hong Kong paid or payable by him on that part of his income at a rate thereon to be determined as follows-

(a) if the Commonwealth rate of tax does not exceed one-half of the rate of tax appropriate to his case under this Ordinance in Hong Kong the rate at which relief is to be given shall be the Commonwealth rate of tax;

(b) in any other case the rate at which relief is to be given shall be half the rate of tax appropriate to his case under this Ordinance. (Amended 30 of 1950 Schedule)

(2) If any person not resident in Hong Kong who has paid, by deduction or otherwise, or is liable to pay, tax under this Ordinance for any year of assessment on any part of his income proves to the satisfaction of the Commissioner that he has paid, by deduction or otherwise, or is liable to pay Commonwealth income tax for that year of assessment in respect of the same part of his income, he shall be entitled to relief from tax paid or payable by him under this Ordinance on that part of his income at a rate thereon to be determined as follows-

(a) if the Commonwealth rate of tax appropriate to his case does not exceed the rate of tax appropriate to his case under this Ordinance, the rate at which relief is to be given shall be one-half of the Commonwealth rate of tax;