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Sir, today, I have much pleasure in participating in this debate. The repeal of Section 15(1)(f) and (g) of the Inland Revenue Ordinance is timely, although there are many that wish it could have been done sooner. Nevertheless, the reasons for the
On the other enactment of this Ordinance are understandable. hand, the interest and effort devoted by the various professional bodies and knowledgeable persons in their submissions to UMELCO is much appreciated. The expert suggestions and the strength of public opinion have definitely supported UMELCO in its endeavours.
The Financial Secretary is to be congratulated on
He also informed advancing the repeal of the relevant amendments. this Council that about 200 million dollars of revenue may be lost in 1986-87. I am in support of the Financial Secretary's action as I feel that this action may remove the uncertainty and suspicion in the minds of many businessmen who are now more confident and reassured that Hong Kong shall always abide by the
It also territorial source concept both in letter and in spirit. shows the business community that the Government has the intention
Such evidence will to keep the tax legislation simple and clear. enhance Hong Kong's reputation as an international financial and business centre, which is likely to be more beneficial in the longer term to the community as a whole and possibly the Revenue.
Sir, I support the motion.