1988 Ed.]
Tate's Cairn Tunnel
[CAP. 393
9
(b) 12 months or part thereof, in the case of the further royalty payable
under subsection (2),
during which the franchise exists, commencing with the road operating date, and shall be paid within 60 days of the end of each such period.
(4) The acceptance by the Government of any sum tendered by the Company in accordance with this section shall not prevent the Government from claiming a further sum in respect of the same year or any adjustment appearing to be due or necessary on any subsequent examination of the books and accounts and other material furnished by the Company for inspection under section 34.
(5) The payment by the Company of any sum in accordance with this section shall not prevent the Company from claiming a refund in respect of the overpayment made by the Company and proved to the satisfaction of the Financial Secretary.
(6) In this section--
"net operating receipts" means the operating receipts reduced by the royalty
payable in respect of those receipts under subsection (1);
"operating receipts" means the total gross sums received by the Company in
respect of
(a) the tolls as fixed or varied under section 36, as the case may be;
(b) any charges imposed or other benefits obtained by the Company
under section 32; and
(c) any other authorized charges imposed by the Company under this
Ordinance;
"projected net operating receipts" means the projected operating receipts for each year during which the tunnel area is operated by the Company under the franchise as set out in the project agreement, reduced by the royalty under subsection (1) which would be payable in that year upon such receipts.
Powers of Financial Secretary in relation to royalty
10. For the purpose of ascertaining the royalty or further royalty payable under section 9, the Company shall permit the Financial Secretary, and any person authorized in writing by him, to inspect at all reasonable times all books of account, vouchers, receipts and all other records of the Company (including all records maintained by the Company in accordance with section 34) and to make extracts from any such documents and to take away any such documents for further examination.
Tax provisions
11. For the purposes of Part VI of the Inland Revenue Ordinance (Cap. 112) the Company shall throughout the continuance of the franchise be deemed to be the owner of and to have the relevant interest in the works which it has the right to keep in place under section 4(1)(c).
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Page 11
1988 Ed.]
Tate's Cairn Tunnel
[CAP. 393
9
(b) 12 months or part thereof, in the case of the further royalty payable
under subsection (2),
during which the franchise exists, commencing with the road operating date, and shall be paid within 60 days of the end of each such period.
(4) The acceptance by the Government of any sum tendered by the Company in accordance with this section shall not prevent the Government from claiming a further sum in respect of the same year or any adjustment appearing to be due or necessary on any subsequent examination of the books and accounts and other material furnished by the Company for inspection under section 34.
(5) The payment by the Company of any sum in accordance with this section shall not prevent the Company from claiming a refund in respect of the overpayment made by the Company and proved to the satisfaction of the Financial Secretary.
(6) In this section--
"net operating receipts" means the operating receipts reduced by the royalty
payable in respect of those receipts under subsection (1);
"operating receipts" means the total gross sums received by the Company in
respect of
(a) the tolls as fixed or varied under section 36, as the case may be;
(b) any charges imposed or other benefits obtained by the Company
under section 32; and
(c) any other authorized charges imposed by the Company under this
Ordinance;
"projected net operating receipts" means the projected operating receipts for each year during which the tunnel area is operated by the Company under the franchise as set out in the project agreement, reduced by the royalty under subsection (1) which would be payable in that year upon such receipts.
Powers of Financial Secretary in relation to royalty
10. For the purpose of ascertaining the royalty or further royalty payable under section 9, the Company shall permit the Financial Secretary, and any person authorized in writing by him, to inspect at all reasonable times all books of account, vouchers, receipts and all other records of the Company (including all records maintained by the Company in accordance with section 34) and to make extracts from any such documents and to take away any such documents for further examination.
Tax provisions
11. For the purposes of Part VI of the Inland Revenue Ordinance (Cap. 112) the Company shall throughout the continuance of the franchise be deemed to be the owner of and to have the relevant interest in the works which it has the right to keep in place under section 4(1)(c). ·
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