5
UN
NESDAY, DECEMBER 11, 1985
EXPRESSING HIS SYMPATHY FOR THE CALL FOR SIMPLER TAXATION LEGISLATION, SIR JOHN SAID THAT THERE WAS ALSO A PRESSING NEED TO SUPPORT THE REVENUE.
*WE RAISE TAXES OF NECESSITY, NOT OUT OF JOIE DE VIVRE. THERE MUST NOT ARISE A FEELING THAT THE RICH AND ADVANTAGED HAVE AN UNFAIR INNER EDGE IN ASSESSMENT OF PROFITS TAX. MOREOVER COMPLICATION IN TAX LEGISLATION IS IN THE MAJORITY OF CASES OCCASIONED BY THE NEED TO PROTECT WHAT IS PROJECTED AS THE SIMPLE TAX PAYER FROM THE TIGER ISH INLAND REVENUE DEPARTMENT. IN FACT THESE ROLES ARE FREQUENTLY REVERSED, SIR JOHN SAID.
THERE WAS A NEED TO FIND A MIDDLE GROUND IN THIS AREA THAT WAS SO BASED ON SUBJECTIVE JUDGEMENT, SIR JOHN SAID.
+FEW ISSUES ARE BLACK OR WHITE - SHADES OF DULL GREY PREVAIL. I SHALL HAVE MORE TO SAY WHEN I INTRODUCE A MODIFIED TAX AVOIDANCE BILL. BUT LET ME NOW EXPRESS PUBLICLY MY APPRECIATION FOR THE ADVICE AND SUPPORT OF THE UMELCO AD HOC GROUP, WHO HAVE SPENT SO MUCH TIME ON THE DRAFT LEGISLATION,+ HE SAID.
ON THE CONCERN EXPRESSED ABOUT THE HIGH COST OF INVESTIGATING COMMERCIAL ACTIVITIES AND CRIMES, HE SAID THAT CONTROL WAS CLEARLY NEEDED. THE DIRECTOR OF ACCOUNTING SERVICES AND THE COMMISSIONER FOR SECURITIES WERE NOW WORKING ON A STUDY ABOUT THE POSSIBLE ESTABLISHMENT WITHIN THE OFFICE OF THE COMMISSIONER FOR SECURITIES OF A UNIT TO CARRY OUT INVESTIGATIONS EITHER ALONE OR IN SUPPORT OF INSPECTORS APPOINTED UNDER LEGISLATION.
WITH REGARD TO THE POSSIBILITY OF A VENTURE CAPITAL MARKET, HE SAID HE WOULD BE ASKING THE ECONOMIC SERVICES BRANCH TO TAKE THIS UP WITH THE HON KIM CHAM AND THE SECURITIES COMMISSION.
ON THE CONCERN EXPRESSED ABOUT RISING PROPERTY VALUES ATTENDED BY GROWING SPECULATION, HE SAID IT WOULD BE FOOLISH, INDEED, TO HAVE LEARNED NOTHING FROM THE SHAMING, INDEED DANGEROUS, EVENTS OF 1981-82, WHEN OF COURSE THERE WERE MANY FACTORS INVOLVED OTHER THAN JUST SPECULATION.+
THE GOVERNMENT HAD JUST RECENTLY COMPLETED A STUDY OF THE CURRENT RESIDENTIAL PROPERTY MARKET, AND WAS WATCHING THE SITUATION CLOSELY, HE SAID,
AT THE MOMENT THERE APPEARED TO BE LITTLE REAL PROBLEM NOR WERE THERE SIGNS OF IMMINENT DANGER, HE SAID. AND THE GOVERNMENT WAS ANXIOUS NOT TO DISCOURAGE SOUND PROPERTY DEVELOPMENT.
EXPRESSING HIS INTEREST IN THE +CONSTRUCTIVE PROPOSALS FOR A NEW APPROACH TO THE PROVISION OF MEDICAL SERVICES, PARTICULARLY FOR THE MIDDLE CLASS. SIR JOHN SAID THE MAJOR ELEMENTS OF THE PROPOSALS WOULD BE DEALT WITH BY THE SECRETARY FOR HEALTH AND WELFARE.
/AS FINANCIAL