Page:Inland Revenue Ordinance, 1947 (Cap. 112).pdf/4

No. 20]

“profits” means the net profits for any period calculated in accordance with the provisions of Chapter IV of this Ordinance, but does not include profits arising from the sale of capital assets;

“profits arising in or derived from the Colony” for the purposes of Chapter IV shall, without in any way limiting the meaning of the term, include all profits from business transacted in the Colony, whether directly or through an agent;

“receiver” includes any receiver or liquidator, and any assignee, trustee, or other person having the possession or control of the property of any person by reason of insolvency or bankruptcy;

“tax" means any tax imposed by this Ordinance;

“trade” includes every trade and manufacture, and every adventure and concern in the nature of trade;

“trustee” includes any trustee, guardian, curator, manager, or other person having the direction, control, or management of any property on behalf of any person, but does not include an executor;

“United Kingdom” means the United Kingdom of Great Britain and Northern Ireland;

“year of assessment” means the period of twelve months commencing on the first day of April, nineteen hundred and forty seven, and each subsequent period of twelve months commencing on the first day of April;

“year preceding a year of assessment” means the period of twelve months ending on the thirty-first day of March immediately prior to such year of assessment;

3. (1) (a) There shall be a Board of Inland Revenue composed of the Financial Secretary and four other members appointed by the Governor, of whom not more than one shall be an official in the employment of the Government. A member so appointed shall hold office until he shall resign or be removed from office by the Governor.


 * (b) Three members of the Board of Inland Revenue shall form a quorum for the transaction of business and when the Financial Secretary is present he shall be the Chairman.