Sessional_Paper_1940 — Page 26

Profits of

certain busi

nesses to be computed on

a percentage

of the turnover.

Assessment

of partner- ships.

Persons

assessable on

behalf of a

22

(2) Where a non-resident person carried on business with a resident person with whom he is closely connected and the course of such business is so arranged that it produces to the resident person either no profits or less than the ordinary profits which might be expected to arise, the business done by the non-resident person in pursuance of his connexion with the resident person shall be deemed to be carried on in the Colony, and such non-resident person shall be assessable and chargeable with tax in respect of his profits from such business in the name of the resident person as if the resident person were his agent, and all the provisions of this Ordinance shall apply accordingly.

20. Where the Commissioner in his discretion considers that the true amount of the profits of a non-resident person in respect of a trade, profession or business carried on in the Colony cannot be readily ascertained, such profits may be computed on a fair percentage of the turnover of that trade or business in the Colony:

Provided that the amount of such percentage shall be subject to appeal in accordance with the provision of Chapter

VII.

21.-(1) Where a trade, profession or business is carried on by two or more persons jointly, the tax in respect thereof shall be computed and stated jointly in one sum and a joint assessment shall be made in the partnership name.

(2) The precedent partner shall make and deliver a statement of the profits or losses of such trade, profession or business, on behalf of the partnership ascertained in accord- ance with the provisions of this Chapter relating to the ascertainment of profits.

Where no active partner is resident in the Colony the return shall be furnished by the manager or agent of the partnership in the Colony.

(3) Tax upon the partnership shall be recoverable by all means provided in this Ordinance out of the assets of the partnership, or from any partner, or from any agent of the partnership in the Colony.

(4) Where under this section profits have been assessed in the name of a partnership, and a change occurs in such partnership by reason of retirement or death, or the dissolu- tion of the partnership as to one or more of the partners, or the admission of a new partner, in such circumstances that one or more of the persons who were joint owners of the assets of such partnership continues to be owner or joint owner of such assets, the person or partnership becoming owner of such assets in consequence of such change shall be charged with the said tax or any part of it which remains unpaid, and the provisions of Chapter VIII shall apply to such person or partnership accordingly.

22. (1) A non-resident person shall be assessable either directly or in the name of his agent in respect of all non-resident his profits made from transactions in the Colony of any trade, profession or business carried on in the Colony, whether such agent has the receipt of the profits or not, and the tax so assessed whether directly or in the name

person.