previous
next

B. NATIONAL ENTERPRISES

62. For the purposes of this study, an enterprise is a national enterprise if it belongs to an individual, partnership or company resident in N.E.I. as defined in paragraphs 5, 7 and 23.

63. Both the ordinances declare liable to tax the whole income of national enterprises, including the income derived from foreign sources. To avoid double taxation, both ordinances allow certain relief against the N.E.I. tax (see paragraphs 18 and 31).

64. It is unnecessary to discuss the different items of income of a national enterprise as its total income is taxable, whether under income tax or company tax. The income tax is generally levied on the partners in a resident partnership and not on the partnership itself (see paragraph 6).

previous
next