Annex
Inland Revenue Ordinance Review Committee
The third Inland Revenue Ordinance Review Committee will start work on 15th June 1976 with the following terms of reference:
To
Having regard to the economic
circumstances of Hong Kong which dictate
(a) a comparatively low level of
direct taxation;
(b) that the system at given tax rates
should be as productive of revenue as possible; and
(c) that the relevant legislation should
be simple and inexpensive to administer;
to consider the present system of taxation of profits and other forms of income contained in the Inland Revenue Ordinance, and in particular -
(a) the system of voluntary aggregation
under Personal Assessment;
(b) the taxation of husbands and wives;
(c) the treatment of dividends and its
relation to the taxation of corporate profits;
(d) the treatment of interest and the
relief for interest paid;
(e) the territorial ambit of the various charges (having regard, inter alia, to the effects of changing commercial practices and recent case law);
(f) the taxation of benefits in kind;
(g) the notional basis of the property
tax charge;
(h) the taxation of specific classes of
taxpayer, including profits from shipping; and
(i) the adequacy of existing relief for
expenses incurred by businesses and employees,
#1
a prejudgement?