1964_INLAND_REVENUE_ORDINANCE — Page 17

CAP. 112]

Inland Revenue

[1989 Ed.

Provided that-

(a) (Repealed 76 of 1975 s. 3)

(b) where the owner of the land is not the owner of the buildings thereon, separate assessments shall be made for the land and for the buildings;

(c) (Repealed 26 of 1969 s. 5)

(d) (Repealed 76 of 1975 s. 3)

(e) property tax shall not be charged for any year of assessment in respect of any land or buildings or land and buildings in the New Territories other than New Kowloon unless and until the Governor by proclamation in the Gazette declares that property tax shall be so charged. (Added 49 of 1956 s. 4)

(Replaced 36 of 1955 s. 6) (1A) In subsection (1), “net assessable value" means the assessable value of land or buildings or land and buildings, ascertained in accordance with section 5A or 5B, as the case may be

(a) less, in a case under section 5A, an allowance for repairs and outgoings of 20% of that assessable value; or

(b) less, in a case under section 5B-

(i) where the owner agrees to pay the rates in respect of the land or buildings or land and buildings, those rates paid by him; and

(ii) an allowance for repairs and outgoings of 20% of that assessable value after deduction of any rates under subparagraph (i). (Added 76 of 1975 s. 3. Amended 8 of 1983 s. 4)

(1B) The percentage allowance specified in subsection (1A) may be amended by resolution of the Legislative Council. (Added 76 of 1975 s. 3)

(2) (a) Notwithstanding subsection (1), any corporation carrying on a trade, profession or business in Hong Kong shall, on application made in writing to the Commissioner and on proof of the facts to the satisfaction of the Commissioner, be entitled to exemption from the property tax for any year of assessment in respect of any land or buildings or land and buildings owned by the corporation where the corporation would be entitled under section 25 to a set-off of the property tax which, if exemption were not granted under this subsection, would be paid by the corporation; and the property shall be and remain exempted from property tax for each year of assessment in which the circumstances, throughout the whole of that year, are such as to qualify the property for such exemption for the whole of that year. (Amended 7 of 1986 s. 12)