Inland Revenue
[1989 Ed.
(a) domestic or private expenses, including the cost of travelling between residence and place of business;
(b) any disbursements or expenses not being money expended for the purpose of producing such profits; (Amended 36 of 1955 s. 25)
(c) any expenditure of a capital nature or any loss or withdrawal of capital;
(d) the cost of any improvements;
(e) any sum recoverable under an insurance or contract of indemnity;
(f) rent of, or expenses in connection with, any premises or part of premises not occupied or used for the purpose of producing such profits; (Amended 36 of 1955 s. 25)
(g) any tax paid or payable under this Ordinance other than salaries tax paid in respect of employees' remuneration; (Replaced 3 of 1949 s. 7. Amended 35 of 1955 s. 25)
(h) any sum paid by an employer being either an ordinary annual contribution to a fund duly established under an approved retirement scheme or an ordinary annual premium in respect of a contract of insurance under an approved retirement scheme, to the extent that the aggregate of such payments in respect of an employee under an approved retirement scheme or schemes exceeds 15% of the total emoluments of that employee for the period in respect of which the payment is made; (Replaced 49 of 1956 s. 13. Amended 2 of 1971 s. 12; 7 of 1986 s. 5)
(i) any provision made for the payment in respect of an employee of any sum referred to in paragraph (h), to the extent that the aggregate of such provision and any such payment as is referred to in that paragraph exceeds 15% of the total emoluments of that employee for the period in respect of which the provision is made; or (Added 7 of 1986 s. 5)
(j) any provision made in respect of a retirement scheme other than for the payment of any sum referred to in paragraph (h). (Added 7 of 1986 s. 5)
(2) In computing the profits or losses of a person carrying on a trade, profession or business, nothing shall be deducted for salaries or other remuneration of, or for interest on capital or loans provided by, that person's spouse or, in the case of a partnership, any partner therein or any partner's spouse. (Replaced 71 of 1983 s. 15)
18. Basis for computing profits
(1) Save as provided in this section, the assessable profits for any year of assessment from any trade, profession or business carried on in Hong Kong
Inland Revenue
[1989 Ed.
(a) domestic or private expenses, including the cost of travelling
between residence and place of business;
(b) any disbursements or expenses not being money expended for the
purpose of producing such profits; (Amended 36 of 1955 s. 25) (c) any expenditure of a capital nature or any loss or withdrawal of
capital;
(d) the cost of any improvements;
(e) any sum recoverable under an insurance or contract of indemnity; (ƒ) rent of, or expenses in connection with, any premises or part of premises not occupied or used for the purpose of producing such profits; (Amended 36 of 1955 s. 25)
(g) any tax paid or payable under this Ordinance other than salaries
tax paid in respect of employees' remuneration; (Replaced 3 of 1949 s. 7. Amended 35 of 1955 s. 25)
(h) any sum paid by an employer being either an ordinary annual contribution to a fund duly established under an approved retirement scheme or an ordinary annual premium in respect of a contract of insurance under an approved retirement scheme, to the extent that the aggregate of such payments in respect of an employee under an approved retirement scheme or schemes exceeds 15% of the total emoluments of that employee for the period in respect of which the payment is made; (Replaced 49 of 1956 s. 13. Amended 2 of 1971 s. 12; 7 of 1986 s. 5) (i) any provision made for the payment in respect of an employee of any sum referred to in paragraph (h), to the extent that the aggregate of such provision and any such payment as is referred to in that paragraph exceeds 15% of the total emoluments of that employee for the period in respect of which the provision is made; or (Added 7 of 1986 s. 5)
() any provision made in respect of a retirement scheme other than for the payment of any sum referred to in paragraph (h). (Added 7 of 1986 s. 5)
(2) In computing the profits or losses of a person carrying on a trade, profession or business, nothing shall be deducted for salaries or other remuneration of, or for interest on capital or loans provided by, that person's spouse or, in the case of a partnership, any partner therein or any partner's spouse. (Replaced 71 of 1983 s. 15)
18. Basis for computing profits
(1) Save as provided in this section, the assessable profits for any year of assessment from any trade, profession or business carried on in Hong Kong
No comments yet.
Private notes are available after approval.