K GIS新聞處
DAILY INFORMATION BULLETIN
SUNDAY, JUNE 13, 1976,
3RD INLAND REVENUE ORDINANCE REVIEW COMMITTEE STARTS WORK
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THE THIRD INLAND REVENUE ORDINANCE REVIEW COMMITTEE, WHICH WAS APPOINTED LAST FEBRUARY TO CONSIDER THE PRESENT SYSTEM OF TAXATION OF PROFITS AND OTHER FORMS OF INCOME, WILL START WORK ON TUESDAY (JUNE 15).
SUBMISSIONS, WHICH SHOULD BE CONFINED STRICTLY TO ITS TERMS OF REFERENCE, ARE INVITED FROM MEMBERS OF THE PUBLIC, PROFESSIONAL. BODIES, TRADE ASSOCIATIONS AND OTHER INTERESTED ORGANIZATIONS.
THEY SHOULD BE FORWARDED AS EARLY AS POSSIBLE TO THE COMMITTEE'S SECRETARY, ROOM 118, CENTRAL GOVERNMENT OFFICES, 1ST FLOOR, EAST WING, LOWER ALBERT ROAD, HONG KONG.
THE REVIEW COMMITTEE, UNDER THE CHAIRMANSHIP OF MR. J.A. JOHNSTONE, A FORMER COMMISSIONER OF INLAND REVENUE IN THE UNITED KINGDOM, HAS THE FOLLOWING TERMS OF REFERENCE:-
+HAVING REGARD TO THE ECONOMIC CIRCUMSTANCES OF HONG KONG WHICH DICTATE
(A)
(C)
A COMPARATIVELY LOW LEVEL OF DIRECT TAXATION=
THAT THE SYSTEM AT GIVEN TAX RATES SHOULD BE AS PRODUCTIVE OF REVENUE AS POSSIBLE- AND
THAT THE RELEVANT LEGISLATION SHOULD BE SIMPLE AND INEXPENSIVE TO ADMINISTER-
TO CONSIDER THE PRESENT SYSTEM OF TAXATION OF PROFITS AND OTHER FORMS OF INCOME CONTAINED IN THE INLAND REVENUE ORDINANCE, AND IN PARTICULAR
(A) THE SYSTEM OF VOLUNTARY AGGREGATION UNDER PERSONAL
ASSESSMENT
HUSBANDS WIVES=
(2) THE TREATMENT OF "DIVIDENDS AND ITS RELATION TO THE
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TAXATION OF CORPORATE PROFITS=
THE TREATMENT OF INTEREST AND THE RELIEF FOR INTEREST PAID- THE TERRITORIAL AMBIT OF THE VARIOUS CHARGES (HAVING REGARD, INTER ALIA, TO THE EFFECTS OF CHANGING COMMERCIAL PRACTICES AND RECENT CASE LAW)-
THE TAXATION OF BENEFITS IN KIND"
THE NOTIONAL BASIS OF THE PROPERTY TAX CHARGE=
(H) THE TAXATION OF SPECIFIC CLASSES OF TAXPAYER, INCLUDING
(1)
PROFITS FROM SHIPPING- AND
THE ADEQUACY OF EXISTING RELIEF FOR EXPENSES INCURRED BY BUSINESSES AND EMPLOYEES.+
//THE SECRETARY .............
Issued by Government Information Services, Beaconsfield House, Hong Kong. Tel: 5-233191
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