34
CAP. 112]
Inland Revenue
[1989 Ed.
incomes of both spouses as reduced in each case by the deductions provided for under section 12(1)(a) and (b).
(Added 71 of 1983 s. 11)
13. Calculation of salaries tax
(1) Salaries tax shall be charged at the rates specified in Schedule 2 on the net chargeable income of a person for each year of assessment ascertained in accordance with the provisions of this Part:
Provided that-
(a) (Repealed 8 of 1973 s. 6)
(b) in no case shall the amount of salaries tax charged exceed the amount which would have been chargeable had the standard rate been charged on the whole of
(i) the net assessable income as reduced by approved charitable donations provided for under section 12BA; or
(ii) in the case of a husband and wife, not being a wife living apart from her husband, the aggregate of their net assessable incomes as reduced by approved charitable donations provided for under section 12BA. (Replaced 71 of 1983 s. 12)
(2) Where a husband and wife elect under section 58A to be separately charged in respect of any year of assessment, each spouse shall in respect of that year of assessment be charged such proportion of the salaries tax that is payable under subsection (1) as the net assessable income of that spouse bears to the aggregate of their net assessable incomes. (Added 71 of 1983 s. 12)
PART IV
PROFITS TAX
14. Charge of profits tax
Subject to the provisions of this Ordinance, profits tax shall be charged for each year of assessment at the standard rate on every person carrying on a trade, profession or business in Hong Kong in respect of his assessable profits arising in or derived from Hong Kong for that year from such trade, profession or business (excluding profits arising from the sale of capital assets) as ascertained in accordance with this Part: (Replaced 2 of 1971 s. 9. Amended 7 of 1986 s. 12)
Provided that for the year of assessment commencing on 1 April 1975---
(a) in the case of a corporation, profits tax shall be charged at the rate of 16%;
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Page 36
34
CAP. 112]
Inland Revenue
[1989 Ed.
incomes of both spouses as reduced in each case by the deductions provided for under section 12(1)(a) and (b).
(Added 71 of 1983 s. 11)
13. Calculation of salaries tax
(1) Salaries tax shall be charged at the rates specified in Schedule 2 on the net chargeable income of a person for each year of assessment ascertained in accordance with the provisions of this Part:
Provided that-
(a) (Repealed 8 of 1973 s. 6)
(b) in no case shall the amount of salaries tax charged exceed the amount which would have been chargeable had the standard rate been charged on the whole of
(i) the net assessable income as reduced by approved charitable
donations provided for under section 12BA; or
(ii) in the case of a husband and wife, not being a wife living apart from her husband, the aggregate of their net assessable incomes as reduced by approved charitable donations provided for under section 12BA. (Replaced 71 of 1983 s. 12)
(2) Where a husband and wife elect under section 58A to be separately charged in respect of any year of assessment, each spouse shall in respect of that year of assessment be charged such proportion of the salaries tax that is payable under subsection (1) as the net assessable income of that spouse bears to the aggregate of their net assessable incomes. (Added 71 of 1983 s. 12)
PART IV
PROFITS TAX
14. Charge of profits tax
Subject to the provisions of this Ordinance, profits tax shall be charged for each year of assessment at the standard rate on every person carrying on a trade, profession or business in Hong Kong in respect of his assessable profits arising in or derived from Hong Kong for that year from such trade, profession or business (excluding profits arising from the sale of capital assets) as ascertained in accordance with this Part: (Replaced 2 of 1971 s. 9. Amended 7 of 1986 s. 12)
Provided that for the year of assessment commencing on 1 April 1975---
(a) in the case of a corporation, profits tax shall be charged at the
rate of 164%; and
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