Income will not be taxed twice under two different heads of charge. Generally speaking, section 2 of the Inland Revenue Ordinance provides that letting of property by a corporation would be regarded as the carrying on of a business, and the basic charge for all rental income is Profits Tax. However, under section 5 of the Ordinance, a corporate property owner is also chargeable to Property Tax on rental income from the letting of property. For this reason, sometimes Property Tax Returns (B.I.R.58) are issued to corporations. If the letting income is chargeable to Profits Tax or the property is used for producing chargeable profits, exemption from Property Tax under section 5(2)(a) of the Inland Revenue Ordinance can be claimed in Part 1 of the Return (B.I.R.58).