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Wednesday, March 28, 1973
Certainly, I am sure he would agree with me that any intervention
in the market must be done in a certainty that it is necessary and timely."
The Financial Secretary recalled he had announced in his Budget
Specch that the Commissioner of Inland Revenue was being given extra
staff to make enquiries into the activities of the habitual buyers and
sellers of shares.'
Whilst waiting for the additional, the Commissioner was, in the
meantime, deploying some of his existing staff in order to begin the
issue of returns and enquiries immediately.
"The Commissioner will, of course, need to make extensive enquiries
and I sense the feeling of this Council is that if the brokers, banks,
nominee companies and so on refuse to furnish the required information,
then the law should be amended to strengthen the hand of the Commissioner,"
the Financial Secretary said.
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