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52
had received some support earlier.
to the problem in view of its simplicity and the
However, Sir,
to me in
fact that it the debate on
the conveying
this year's Budget has political views of Members, on this subject and I am grateful to
has been helpful
and the public
л
all those who have spoken.
55.
Sir,
Dr. Ho Kam-fai, Mr. David Li, Mr. Hilton Cheong-leen, A
Mr. Poon Chi-fai and Mr. Hui Yin-fat have again suggested that tax relief be provided for home purchase payments. We have in Hong Kong very low taxation,, which I consider should remain neutral
its
and effect, in
not be
particular classes or groups of individuals.
course,
sympathetic
to those
unduly distorted
buying
own
in
of favour
Whilst I am, of
homes with
their
mortgage finance, I would
I would point out that, taken together, my budget proposals this year provide significant assistance to the middle-income group, not least to the 100,000 or so persons who will benefit from the relaxation in the rates of stamp Duty applicable to small and medium-sized properties.
sz 54.
on
Mr. Sohmen commented the problems the 1986 US Táx
Reform Act
for may pose
Hong
The Kong based shipowners. shipping industry makes an important contribution to our economy and the Government would be concerned at any potential threats to this sector's survival and growth. We are consulting the US authorities on this complex issue in an effort to assess the effects of the legislation on Hong Kong based shipowners. Thereafter, we shall evaluate the remedies available to the Hong Kong Government. I do agree with Mr. Sohmen that we will need to
relevant factors.
to I hope weigh carefully all
be in a
position to take a decision on this matter during the course of
this year.
20
/CONCLUSION
...