6.2.87
DOUBLE TAXATION
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72
136.
As regards double taxation, Members will
recall that last year the Commissioner of Inland Revenue
was asked to look into this matter and obtain the views of
a number of professional organizations. Whilst all are
agreed that double taxation presently occurs to some
extent, particularly in relation to employees who make
frequent trips to the People's Republic of China, the
extent of the problem, and the cost to the revenue of
possible remedies, has proven difficult to quantify.
question of double taxation is currently being examined
against this background and I am hopeful that some
progress can be made in the not too distant future. But
in the meantime, my proposal to amend the law in relation
to time apportionment cases will provide a measure of
relief to some taxpayers.
The
ANTI-AVOIDANCE LEGISLATION
137.
Finally, I come to a matter which, if left
unchecked, could result in a substantial drain on Profits
Tax yield. I am aware that a growing number of taxpayers
are entering into asset refinancing arrangements which are
variations on "Myer" schemes, so named after an Australian
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