Hong Kong Regulations

TAX RESERVE CERTIFICATES (FOURTH SERIES) RULES - RULE 2B

Maintaining of accounts

(Past version on 30/06/1997).

(1) The Commissioner may maintain an account under section 3(1AA) of the
Ordinance for any person who has or is likely to have any kinds of income or
profits chargeable to tax under the Inland Revenue Ordinance ( Cap 112). (24
of 1999 s. 4; L.N. 186 of 1999)

(2) The account shall be maintained subject to the following conditions-

   (a)  the entries in the account shall be used by the Commissioner or any
        officer authorized by him for the purpose on a first-in-first-out
        basis in the payment of tax of the holder of the account when the
        holder's tax falls due;

   (b)  a statement on the use of an entry in accordance with subparagraph (a)
        shall be issued by the Commissioner, in such form as he shall
        prescribe, to the holder of the account by giving the statement to the
        holder personally or by forwarding the statement to the holder at his
        last known address or, if his last known address is not available, in
        such manner as the Commissioner thinks fit;

        (c)	the balance of interest accrued on an entry ("first-mentioned 
entry") used under subparagraph (a) remaining after any part of which is
accepted for the payment of any tax under rule 6 shall be made an entry in the
account, bearing the date of the use of the first-mentioned entry;

   (d)  subject to rule 9, all entries in the account including the balance of
        any entry used under subparagraph (a) shall be carried forward in the
        account; and

   (e)  a statement of the account shall be issued by the Commissioner, in
        such form as he shall prescribe, to the holder of the account by
        giving the statement to the holder personally or by forwarding the
        statement to the holder at his last known address or, if his last
        known address is not available, in such manner as the Commissioner
        thinks fit in each financial year and such statement shall also be
        issued in the same manner upon the request of the holder of the
        account. (L.N. 186 of 1999) (L.N. 556 of 1995)