1989 Ed.]
Inland Revenue
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(a) the year ending on the day in that year of assessment to which the accounts of that trade, profession or business were made up; or
(b) that year of assessment,
exceed those assessable profits as so computed, then notwithstanding section 18, the assessable profits for the year of assessment commencing on 1 April 1974 shall be computed on the basis of those actual profits.
(4) For the purposes of applying this section there shall be disregarded any loss brought forward to the year of assessment commencing on 1 April 1974 under section 19(2).
18B. Basis for computing assessable profit for years of assessment commencing on 1 April 1975
(Added 7 of 1975 s. 12)
(1) Subject to subsection (2) and to sections 18C, 18D and 18E, the assessable profits for any year of assessment commencing on or after 1 April 1975 from any trade, profession or business carried on in Hong Kong shall be computed on the full amount of the profits therefrom arising in or derived from Hong Kong during the year of assessment.
(2) Subject to sections 18C, 18D and 18E, where the Commissioner is satisfied that the accounts of a trade, profession or business carried on in Hong Kong are made up to some day other than 31 March, he may direct that the assessable profits from that source for any year of assessment be computed on the full amount of profits therefrom arising in or derived from Hong Kong during the year ending on that day in the year of assessment.
(Added 7 of 1975 s. 12. Amended 7 of 1986 s. 12)
18C. Commencement of source of profits in years of assessment commencing on or after 1 April 1974
(1) Subject to subsection (2) where a person commences to carry on a trade, profession or business in Hong Kong within any year of assessment commencing on or after 1 April 1974 and the Commissioner is satisfied that the first accounts of such trade, profession or business after its commencement are made up to some day other than 31 March, the assessable profits from that source for that year of assessment shall-
(a) if the first accounts are made up to a day within that year of assessment, be computed on the full amount of the profits from that source arising in or derived from Hong Kong during the period beginning on the day of commencement and ending on the day to which the accounts are made up; or
(b) if the first accounts are for a period in excess of a year and are made up to a day within a year of assessment following that in
1989 Ed.]
Inland Revenue
[CAP. 112
53
(a) the year ending on the day in that year of assessment to which the
accounts of that trade, profession or business were made up; or
(b) that year of assessment,
exceed those assessable profits as so computed, then notwithstanding section 18, the assessable profits for the year of assessment commencing on 1 April 1974 shall be computed on the basis of those actual profits.
(4) For the purposes of applying this section there shall be disregarded any loss brought forward to the year of assessment commencing on 1 April 1974 under section 19(2).
18B. Basis for computing assessable profit for years
of assessment commencing on 1 April 1975
(Added 7 of 1975 s. 12)
(1) Subject to subsection (2) and to sections 18C, 18D and 18E, the assessable profits for any year of assessment commencing on or after 1 April 1975 from any trade, profession or business carried on in Hong Kong shall be computed on the full amount of the profits therefrom arising in or derived from Hong Kong during the year of assessment.
(2) Subject to sections 18C, 18D and 18E, where the Commissioner is satisfied that the accounts of a trade, profession or business carried on in Hong Kong are made up to some day other than 31 March, he may direct that the assessable profits from that source for any year of assessment be computed on the full amount of profits therefrom arising in or derived from Hong Kong during the year ending on that day in the year of assessment.
( Added 7 of 1975 s. 12. Amended 7 of 1986 s. 12)
18C. Commencement of source of profits in
years of assessment commencing
on or after 1 April 1974
(1) Subject to subsection (2) where a person commences to carry on a trade, profession or business in Hong Kong within any year of assessment commencing on or after 1 April 1974 and the Commissioner is satisfied that the first accounts of such trade, profession or business after its commencement are made up to some day other than 31 March, the assessable profits from that source for that year of assessment shall-
(a) if the first accounts are made up to a day within that year of
assessment, be computed on the full amount of the profits from that source arising in or derived from Hong Kong during the period beginning on the day of commencement and ending on the day to which the accounts are made up; or
(b) if the first accounts are for a period in excess of a year and are made up to a day within a year of assessment following that in
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