WEDNESDAY, MARCH 11, 1981
7
GAINS TAX BILL EXPLAINED
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PROVISIONS RELATING TO CERTIFICATES OF DEPOSIT AND OTHER MONETARY INSTRUMENTS IN THE PROPOSED INLAND REVENUE (AMENDMENT) (NO. 2) BILL 1981, WOULD APPLY, IF APPROVED, TO THE YEAR OF ASSESSMENT STARTING ON APRIL 1.
AND THE PROVISIONS IN THE BILL RELATING TO TRUSTEES AND TO THE CAPITALISATION OF INTEREST, IF APPROVED, WOULD APPLY TO THE YEAR OF ASSESSMENT 1980 AND SUBSEQUENT YEARS.
THIS WAS STATED TODAY (WEDNESDAY) IN THE LEGISLATIVE COUNCIL BY THE ACTING FINANCIAL SECRETARY, THE HON HENRY CHING, WHEN MOVING THE SECOND READING OF THE BILL.
MR CHING SAID THAT IN THE BUDGET SPEECHES IN 1979 AND 1980, THE FINANCIAL SECRETARY REFERRED TO TWO RECOMMENDATIONS OF THE THIRD INLAND REVENUE ORDINANCE REVIEW COMMITTEE.
THE FIRST RELATED TO AN ANOMALY IN THE APPLICATION OF THE WITHHOLDING SYSTEM FOR INTEREST TAX, WHICH THE REVIEW COMMITTEE RECOMMENDED RELIEF FROM A DOUBLE CHARGE MADE BY TRUSTEES.
THE SECOND, HE SAID, CONCERNED A POSSIBLE LACUNA IN THE INLAND REVENUE ORDINANCE WHEREBY THE CHANGING PROVISIONS MAY BE INADEQUATE TO RENDER LIABLE TO TAX THE SURPLUS THROWN UP ON REDEMPTION OR REALISATION OF CERTIFICATES OF DEPOSITS AND SIMILAR MONETARY INSTRUMENTS WHICH GIVE AN ENTITLEMENT TO RECEIVE A STATED SUM OF MONEY.
THE BILLS, AMONG OTHER AMENDMENTS, PROPOSED TO REMOVE THE
ANOMALY AND LACUNA. DEBATE WAS ADJOURNED.
MORE BUSES BUT NO CARS ON DES VOEUX RD CENTRAL
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THE GOVERNMENT PLANS TO DIVERT A NUMBER OF BUS ROUTES FROM QUEEN'S ROAD CENTRAL TO DES VOEUX ROAD CENTRAL TO MAKE BETTER USE OF THIS SECTION OF ROAD FOR PUBLIC TRANSPORT.
BUT IT IS NOT INTENDED TO LIFT THE RESTRICTION ON GENERAL TRAFFIC ON THE SECTION OF DES VOEUX ROAD CENTRAL BETWEEN BANK STREET AND PEDDER STREET.
THIS WAS STATED BY THE SECRETARY FOR THE ENVIRONMENT, THE HON DEREK JONES AT TODAY'S (WEDNESDAY) LEGISLATIVE COUNCIL MEETING.
REPLYING TO A QUESTION BY THE HON LI FOOK-WO, MR JONES SAID THE POSSIBILITY OF LIFTING THE RESTRICTION AFTER THE COMPLETION OF THE MTR WORKS HAD BEEN CAREFULLY CONSIDERED.
+BUT, HE SAID, THIS ROAD HAS NOW BECOME ONE OF THE MAJOR ENTRY POINTS FOR PUBLIC TRANSPORT INTO CENTRAL DISTRICT.
A THE INTRODUCTION