1964_INLAND_REVENUE_ORDINANCE — Page 138

1989 Ed.]

Inland Revenue

[CAP. 112

137

assessment shall be liable to pay provisional profits tax in respect of that year of assessment in accordance with this Part.

63H. Amount of provisional profits tax

(Added 7 of 1975 s. 40)

(1) Subject to subsections (2), (3) and (4), provisional profits tax in respect of any year of assessment shall be payable at the standard rate by reference to the amount of assessable profits for the year preceding the year of assessment, but after the set off of any loss available for set off in the year of assessment under section 19 or 19C:

Provided that, in the case of a corporation, provisional profits tax shall be payable-

(a) for the year of assessment commencing on 1 April 1975, at the rate of 16.4%;

(b) for the year of assessment commencing on 1 April 1976 and all subsequent years of assessment up to and including the year of assessment commencing on 1 April 1979, at the rate of 17%;

(c) for the year of assessment commencing on 1 April 1980 and all subsequent years of assessment up to and including the year of assessment commencing on 1 April 1983, at the rate of 16.5%; (Replaced 32 of 1981 s. 10. Amended 36 of 1984 s. 6; 28 of 1987 s. 7)

(d) for the year of assessment commencing on 1 April 1984 and all subsequent years of assessment up to and including the year of assessment commencing on 1 April 1986, at the rate of 18.5%; (Added 36 of 1984 s. 6. Amended 28 of 1987 s. 7; 28 of 1988 s. 6)

(e) for the year of assessment commencing on 1 April 1987, at the rate of 18%; (Added 28 of 1987 s. 7. Amended 28 of 1988 s. 6; 17 of 1989 s. 16)

(f) for the year of assessment commencing on 1 April 1988, at the rate of 17%; and (Added 28 of 1988 s. 6. Amended 17 of 1989 s. 16)

(g) for the year of assessment commencing on 1 April 1989 and all subsequent years of assessment, at the rate of 16.4%. (Added 17 of 1989 s. 16)

(2) In calculating any assessable profits for a year preceding a year of assessment for the purposes of computing provisional profits tax under subsection (1), there shall be disregarded any loss available for set off in that year.

(3) Where the amount of assessable profits of a person for the year preceding the year of assessment was calculated on a basis period of more or less than 1 year, an assessor may estimate the sum in respect of which such person is liable to pay provisional profits tax in that year of assessment.