Sir,
UMELCO
DRAFT SPEECH BY HON MRS RITA FAN, JP
LEGISLATIVE COUNCIL 12.3.1986
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Inland Revenue (Amendment) Bill 1986
1985.
Their views were
This Bill was first published as a draft Bill in July Following that, interested persons and institutions made many useful and constructive representations on the draft Bill to the UMELCO Ad Hoc Inland Revenue Review Panel. most valuable. The Administration was receptive and responsive to the suggestions raised by various parties. before us now has incorporated amendments to a number of major areas in accordance with some of the representations.
As a result, the Bill
I believe
I must this is a Bill needed for Hong Kong at this point in time. compliment the level of understanding and co-operation achieved by the Administration and the business community in the formulation of this Bill. I also welcome the open-mindedness and reasonableness of all concerned parties.
Furthermore, I am sure
this exercise helps to strengthen the confidence of the business community towards our Government.
There are nevertheless
Sir, you indicated last October in this Council that this Bill is designed to close the most readily exploitable of the loopholes in our tax system. The objective of this Bill is therefore well supported by our community. still concerns amongst the business community that Section 61A and B may be applied in such a manner that genuine commercial transactions can be caught, thus resulting in complications and unforeseen liabilities. I understand that this anti-tax-avoidance legislation would only be invoked to counter blatant or contrived tax avoidance schemes, and it was never the intention of the Administration to cast unnecessary provisions on genuine commercial transactions even though the transaction might result
UMELCO