1964_INLAND_REVENUE_ORDINANCE — Page 167

166

CAP. 112]

Inland Revenue

[1989 Ed.

87. General power of Governor in Council to exempt

The Governor in Council may by order exempt any person, office or institution from payment of the whole or any portion of any tax chargeable under this Ordinance. (L.N. 164 of 1989)

87A. Approval of retirement schemes

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Upon application in such manner as may be prescribed the Commissioner may, for the purposes of this Ordinance, approve, either as a whole or in part, any retirement scheme which, in his opinion, complies substantially with such requirements as may be prescribed, and may withdraw any approval so given.

{ Added 49 of 1956 s. 65. Amended 7 of 1986 s. 12)

88. Exemption of charitable bodies

Notwithstanding anything to the contrary in this Ordinance contained there shall be exempt and there shall be deemed always to have been exempt from tax any charitable institution or trust of a public character:

Provided that where a trade or business is carried on by any such institution or trust the profits derived from such trade or business shall be exempt and shall be deemed to have been exempt from tax only if such profits are applied solely for charitable purposes and are not expended substantially outside Hong Kong and either- (Amended 7 of 1986 s. 12)

(a) the trade or business is exercised in the course of the actual carrying out of the expressed objects of such institution or trust;

or

(b) the work in connection with the trade or business is mainly carried on by persons for whose benefit such institution or trust is established.

(Added 3 of 1949 s. 18. Amended 30 of 1950 Schedule; 49 of 1956 s. 66; 26 of 1969 s. 40; 65 of 1970 s. 10)

SCHEDULE 1

STANDARD RATE

For the years of assessment 1947/48 to

1949/50 inclusive

For the years of assessment 1950/51 to

1965/66 inclusive

10%.

(Amended 49 of 1956 s. 67)

12%.

(Amended 15 of 1966 s. 4)

[ss. 2 & 5]