DTIHO LONDON
w/7
ale
Min Lackey
v/s.
BOTA DIV.
HX3031 UKTRADE
FOLLOWING IS CONTINUATION OF MY TEL CREDA 10 OF 27/2 THE TRANSMISSION OF WHICH A EEE WAS STOPPED BY FAILURE OF CABLE AND WIRELESS COMPUTER. THE TEL WAS SENT TO YOUR NUMBER
OK JVTWAUE V
OK START FROM PARA 9 (7A)
B
BEGINSNEPREASECRETARY CONCLUDE WITH WARNING FOR NEXT FINANCIAL
YEAR (1975-76)
A) INCREASE OF STANDARD RATE OF TAX
B)
FURTHER REVISION OF FEES AND CHARGES
C)
INCREASED WATER CHARGES
INCREASE OF GENERAL RATE (FROM PRESENT NINE PERCENT)
E) TAX ON PROF ITS EARNED ABROAD BY BUSINESS BASED IN HONGKONG WITH PARTICULAR CONSIDERATIONS TO SUCH EARNINGS BY SHIPPING CHAR- TER BY RESIDENT SHIPPING COMPANIES, AND TO OPERATIONS OF SOME BANKING AND FINANCIAL INSTITUTIONS.
HE FINALLY REJECTD IDEA - TAKEN UNDER CONSIDERATION LAST YEAR - OF ABOLISHING WITHHOLDING TAX11 BECAUSE IT WOULD MEAN LOSS
OF REVENUE AND WOULD EXPOSED HONGKONG ECONOMY TO RISK OF SPECULATIVE RUNS ON THE DOLLAR. HE ASLO ISSUED WARNING AGAINST HAVING HONGKONG REGARDED AS A TAX HAVEN, IT SHOULD CONTINUE TO RELY ON LOW TAX STRUCTURE AND FREE MOVEMENT AND NOT ON GIMMICKS OF A TAX HAVEN.
ASTON
HX3031 UKTRADE
DTI- LONDON
HOW RECEIVED ?
OK TKS
BLESS YOU
BIBI BITUM