Page:Inland Revenue Ordinance, 1947 (Cap. 112).pdf/11

A.D. 1947]


 * (g) Upon the next five thousand dollars at the standard rate plus three-quarters thereof.
 * (h) Upon the remainder at twice the standard rate.

Provided that where an individual is liable to tax under this Chapter for a part only of any year of assessment, the sums under (a), (b), (c), (d), (e), (f) and (g) of this section shall be reduced in the proportion which the number of days during which he is so liable bears to the number of days in that year of assessment, and provided also that in no case shall the amount of Salaries and Annuities Tax chargeable on any individual exceed the amount which would have been chargeable on him had the standard rate of tax been charged on the whole of his income chargeable to Salaries and Annuities Tax before deducting the allowances provided in Section 13. IV. Profits Tax.

15. Corporation Profits Tax shall, subject to the provisions of this Ordinance, be charged on every corporation carrying on trade or business in the Colony at the standard rate, in respect of the profits arising in or derived from the Colony from such trade or business.

16. (1) Business Profits Tax shall, subject to the provisions of this Ordinance, be charged at the standard rate on every person other than a corporation carrying on trade, profession or business in the Colony in respect of the profits arising in or derived from the Colony from such trade, profession or business.

(2) Where the ultimate controlling interest in two or more trades, professions or businesses is owned by the same person, the Commissioner shall cause the profits and losses of those trades, professions or businesses to be aggregated and a single assessment thereon shall be made in the sum of the profits.