ľ
- 7
-
FRIDAY, SEPTEMBER 5, 1975
MOVE TO EXEMPT GOVERNMENT BONDS FROM INTEREST AND PROFITS TAX
******
THE INLAND REVENUE ORDINANCE IS TO BE AMENDED TO EXEMPT GOVERNMENT DONDS ISSUED UNDER THE LOANS (GOVERNMENT BONDS) ORDINANCE FROM INTEREST AND PROFITS TAX.
THIS IS THE PURPOSE OF THE INLAND REVENUE (AMENDMENT)(NO.5) BILL PUBLISHED IN TODAY'S GAZETTE FOR GENERAL INFORMATION.
THE LOANS (GOVERNMENT BONDS) ORDINANCE WHICH ENABLES THE GOVERNMENT TO RAISE LOANS BY ISSUING HONG KONG DOLLAR DENOMINATED BONDS WAS PASSED INTO LAW ON AUGUST 1 THIS YEAR.
IT WILL BE RECALLED THAT DURING THE SECOND READING OF THE LOANS (GOVERNMENT BONDS) BILL ON JULY 16 THE FINANCIAL SECRETARY MENTIONED THAT IT WAS THE INTENTION THAT INTEREST ON THE BONDS AND PROFITS FROM THEIR SALES SHOULD BE FREE OF TAX.
AT THE TIME HE SAID THAT THE EXEMPTION WOULD BE INCLUDED IN AN AMENDMENT TO THE INLAND REVENUE ORDINANCE.
THE BILL GAZETTED.TODAY SEEKS TO EFFECT THE CHANGE.
THE LOANS (GOVERNMENT BONDS) ORDINANCE ALREADY PROVIDES FOR BOND TRANSACTIONS TO BE EXEMPT FROM STAMP DUTY.
PROPOSED RESUMPTION OF KWUN TONG LOT
******
THE GOVERNMENT INTENDS TO RESUME A LOT OF LAND AT THE JUNCTION OF KWUN TONG ROAD AND HIP WO STREET IN KOWLOON IN CONNECTION WITH PROPOSED ROADWORKS TO IMPROVE TRAFFIC FLOW IN THE AREA AND FOR THE FUTURE MASS TRANSIT RAILWAY KWUN TONG STATION.
AT PRESENT, THE LOT IS OCCUPIED BY A PETROL FILLING STATION, ONCE THE LOT REVERTS TO THE CROWN, PROBABLY IN EARLY OCTOBET THIS YEAR, IT IS INTENDED TO MAKE ALTERNATIVE SITES AVAILABLE FOR USE AS PETROL STATIONS.
THE ROADWORKS ARE EXPECTED TO BEGIN SHORTLY AFTER THE LOT HAS BEEN RESUMED.
NOTICE OF THE PROPOSED RESUMPTION IS GIVEN IN TODAY'S
GAZETTE.
A COPY OF THE PLAN SHOWING THE AFFECTED AREA MAY BE INSPECTED AT THE CENTRAL ENQUIRY SUB-OFFICE, CENTRAL GOVERNMENT OFFICE, WEST WING, GROUND FLOOR, ICE HOUSE STREET, DURING NORMAL OFFICE HOURS.
J
18
: