Schedule. (2), The Diamond Industry Short title, Profit Tax Ordinance

For the purposes of this Ordinance profits shall be ascertained by taking the profit resulting from the production and sale of Diamond and of other Minerals recovered in conjunction with the recovery of Diamond calculated in accordance with good accountancy practice (but reckoning the value of the stock of diamond and of such other minerals as aforesaid held at the beginning and close of each taxation year at the nominal value of £1) by deducting therefrom all operating and overhead expenses and depreciations, including any mineral rents paid, and all interest payable on capital sums borrowed except to the extent that such interest may be covered by interest receivable, and by deducting further from the sum thus ascertained an amount not exceeding 5 per centum, of such sum, and the amount of any losses brought forward from previous taxation years and not previously so deducted except to the extent that such loss may be reduced by transfers from General Reserve.