1964_INLAND_REVENUE_ORDINANCE — Page 77

HK Historical Laws 香港歷史法例 All AI Reviewed

CAP. 112]

Inland Revenue

[1989 Ed.

or used by him for the purposes of producing profits in respect of which he is chargeable to tax under this Part; (Replaced 11 of 1961 s. 5. Amended 35 of 1965 s. 14)

(b) if the amount of property tax paid for a year of assessment exceeds the profits tax payable, the amount so paid in excess shall be refunded in accordance with the provisions of section 79; (Replaced 11 of 1961 s. 5)

(c) where property tax for the year of assessment commencing on 1 April 1960, or earlier years, exceeded the profits tax payable for such years the amount of the excess shall be set off against the profits tax payable for the year of assessment commencing on 1 April 1961, after deduction of the property tax paid for that year and any balance left over shall be carried forward and set off in like manner against the profits tax payable for the next succeeding years. (Replaced 11 of 1961 s. 5)

(Replaced 3 of 1949 s. 9)

26. Exclusion of certain dividends and profits from

the assessable profits of other persons

For the purposes of this Part-

(a) a dividend from a corporation which is chargeable to tax under this Part shall not be included in the profits in respect of which any other person is chargeable to tax under this Part; and

(b) save as otherwise provided no part of the profits or losses of a trade, profession or business carried on by a person who is chargeable to tax under this Part shall be included in ascertaining the profits in respect of which any other person is chargeable to tax under this Part. (Added 2 of 1971 s. 18) (Replaced 16 of 1951 s. 5; 62 of 1975 s. 25; Amended 28 of 1964 s. 10; 2 of 1971 s. 18; 7 of 1975 s. 2)

26A. Exclusion of certain profits from tax

(1) For the purposes of this Part-

(a) interest paid or payable on a Tax Reserve Certificate issued by

the Commissioner;

(b) interest paid or payable on a Government bond issued under the

Loans (Government Bonds) Ordinance (Cap.64); and

shall not be included in the profits of any corporation or other person chargeable to tax under this Part.

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76 CAP. 112] Inland Revenue [1989 Ed. or used by him for the purposes of producing profits in respect of which he is chargeable to tax under this Part; (Replaced 11 of 1961 s. 5. Amended 35 of 1965 s. 14) (b) if the amount of property tax paid for a year of assessment exceeds the profits tax payable, the amount so paid in excess shall be refunded in accordance with the provisions of section 79; (Replaced 11 of 1961 s. 5) (c) where property tax for the year of assessment commencing on 1 April 1960, or earlier years, exceeded the profits tax payable for such years the amount of the excess shall be set off against the profits tax payable for the year of assessment commencing on 1 April 1961, after deduction of the property tax paid for that year and any balance left over shall be carried forward and set off in like manner against the profits tax payable for the next succeeding years. (Replaced 11 of 1961 s. 5) (Replaced 3 of 1949 s. 9) 26. Exclusion of certain dividends and profits from the assessable profits of other persons For the purposes of this Part- (a) a dividend from a corporation which is chargeable to tax under this Part shall not be included in the profits in respect of which any other person is chargeable to tax under this Part; and (b) save as otherwise provided no part of the profits or losses of a trade, profession or business carried on by a person who is chargeable to tax under this Part shall be included in ascertaining the profits in respect of which any other person is chargeable to tax under this Part. (Added 2 of 1971 s. 18) (Replaced 16 of 1951 s. 5; 62 of 1975 s. 25; Amended 28 of 1964 s. 10; 2 of 1971 s. 18; 7 of 1975 s. 2) 26A. Exclusion of certain profits from tax (1) For the purposes of this Part- (a) interest paid or payable on a Tax Reserve Certificate issued by the Commissioner; (b) interest paid or payable on a Government bond issued under the Loans (Government Bonds) Ordinance (Cap.64); and (c) any profit on the sale of such a Government bond, shall not be included in the profits of any corporation or other person chargeable to tax under this Part.

Baseline (Original)

76 CAP. 112] Inland Revenue [1989 Ed. or used by him for the purposes of producing profits in respect of which he is chargeable to tax under this Part; (Replaced 11 of 1961 s. 5. Amended 35 of 1965 s. 14) (b) if the amount of property tax paid for a year of assessment exceeds the profits tax payable, the amount so paid in excess shall be refunded in accordance with the provisions of section 79; (Replaced 11 of 1961 s. 5) (c) where property tax for the year of assessment commencing on 1 April 1960, or earlier years, exceeded the profits tax payable for such years the amount of the excess shall be set off against the profits tax payable for the year of assessment commencing on 1 April 1961, after deduction of the property tax paid for that year and any balance left over shall be carried forward and set off in like manner against the profits tax payable for the next succeeding years. (Replaced 11 of 1961 s. 5) (Replaced 3 of 1949 s. 9) 26. Exclusion of certain dividends and profits from the assessable profits of other persons For the purposes of this Part- (a) a dividend from a corporation which is chargeable to tax under this Part shall not be included in the profits in respect of which any other person is chargeable to tax under this Part; and (b) save as otherwise provided no part of the profits or losses of a trade, profession or business carried on by a person who is chargeable to tax under this Part shall be included in ascertaining the profits in respect of which any other person is chargeable to tax under this part. (Added 2 of 1971 s. 18) (Replaced 16 of 1951 s. 5. of 1975 s. 25; 62 of 1975 s. Amended 28 of 1964 s. 10; 2 of 1971 s. 18; 7 2) 26A. Exclusion of certain profits from tax (1) For the purposes of this Part- (a) interest paid or payable on a Tax Reserve Certificate issued by the Commissioner; (b) interest paid or payable on a Government bond issued under the Loans (Government Bonds) Ordinance (Cap. 64); and (c) any profit on the sale of such a Government bond, shall not be included in the profits of any corporation or other person chargeable to tax under this Part.

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