Section 2, Act, 1964, and shall come into force on the first day of Aprl: ment and

Section 2 of the principal Act is hereby amended asfollows by substituting for the definition ing nev definition person " the follow person " includes a company, partnership or any body of persons;"; (6) by the insertion in their appropriate alphabetical place of the following new definitions basis period " except where otherwise specifically defined means, in relation to any year of assess ment, the period by reference to the profits of which any person's assessable income is to be finally computed under section 20; permanent establishment " means a branch, man agement, or other fixed place of business, but does not include an agency unless the agent has, and habitually exercise, a general auihority to nego tiate and conclude contracts on behalf of a person not resident in Sierra Leone or has a stock of merchandise from which he regularly fulfils orders on behalf of such person. A person not resident in Sierra Leone shall not be deemed to have a permanent establishment in Sierra Leone merely because it carries on busi ness dealings in Sierra Leone through a bona fide broker or general commission agent acting in the ordinary course of his business as such. The fact that a person resident outside Sierra Leone maintains inside Sierra L.eone a fixed place of business exclusively for the purchase of goods or merchandise shall not of itself constitute that fixed place of business a permanent establishment of such person. The fact that a company which is resident out side Sier ra Leone has a subsidiary company which is resident in Sierra Leone or which is engaged in trade or business in Sierra Leone (whether through a permanent establishment or otherwise) shall not of itself constitute that sub SIdiary company a permanent establishment of its parent company. No. 4 Income Tax (Amendment) 1964 turnover " means the total gross receipts in money or money's worth of any trade, business, profes sion or vocation during the basis period of any year of assessment including cash and credit sales, investment inconme and any commissions or fees received or receivable for services or other wise: and any goods requiring to be valued for the purpose of ASsessing the turnover shall be valued at their market value at the place in Sierra Leone where they are received by the tax-payer for the purposes of his trade, business, profession or vocation without any deductions whatsoever or on any other basis which to the Commissioner may appear rcasonable : Provided that sums which in the opinion of the Conmmissioner are deposited with a solicitor, banker or other agent on trust for safe keeping or to meet disbursements or expenses incurred with third parties on behalf of the owner of such sums shall not be deemed to be part of the gross receipts of any trade, business, profession or voca tion:"