TUESDAY, AUGUST 1, 1989
HONG
ACT THE 1986 U.S. TAX REFORM
PROVIDES FOR TAXATION OF ALL FOREIGN SHIPOWNERS WHOSE SHIPS TRADE WITH THE UNITED STATES. THE KONG SHIPPING INDUSTRY IS DIRECTLY AFFECTED BY THE LEGISLATION ON FRONTS.
TWO
OBTAIN FIRST, HONG KONG SHIPOWNERS WHO WERE PREVIOUSLY ABLE TO TAX RELIEF BY REGISTERING THEIR SHIPS IN TAX JURISDICTIONS SUCH AS LIBERIA AND PANAMA, NOW FIND THEMSELVES LIABLE TO THE U.S. TAX BECAUSE THEY ARE RESIDENT IN HONG KONG.
THE SECOND,
FOREIGN OWNERS OF SHIPS ARE BY VIRTUE OF OR INCORPORATION REGISTRATION
IN HONG KONG LIABLE то A GROSS TRANSPORTATION TAX ON THEIR U.S. SHIPPING INCOME.
"THE IMPLEMENTATION OF THE RECIPROCAL TAX EXEMPTION AGREEMENT
то WHICH WILL HELP TO PROVIDE A FAVOURABLE ENVIRONMENT FROM
OWN OR MANAGE SHIPS AND HENCE REAFFIRM OUR COMMITMENT ΤΟ HONG KONG AS A MARITIME CENTRE," THE SPOKESMAN SAID.
POSITIVE RESPONSE TO LOCAL CRAFT REVIEW
THE
THE FOUR-MONTH CONSULTATION ON THE LOCAL CRAFT REVIEW. WHICH ENDED TODAY (TUESDAY), HAS ATTRACTED WIDESPREAD INTEREST, DIRECTOR OF MARINE, MR DERICK HALL, SAID.
SMALL CRAFT
"MORE THAN 80 REPLIES FROM VARIOUS YACHT CLUBS, OPERATORS, UNIONS ETC HAVE BEEN RECEIVED," HE SAID, ADDING THAT THERE WERE STILL A FEW MORE TO COME FROM BODIES WHOSE SUBMISSIONS THE DEPARTMENT HAD AGREED TO ACCEPT AFTER THE CLOSING DATE.
SPEAKING AT THE 35TH ANNIVERSARY CEREMONY OF THE HONG KONG AND KOWLOON MOTOR BOAT ASSOCIATION LTD THIS EVENING, MR HALL SAID THE RESPONSE TO THE LOCAL CRAFT REVIEW WAS A POSITIVE ONE AND REFLECTED A COMMON CONCERN FOR SAFETY, EFFICIENCY AND PROFITABILITY BY ALL PORT USERS.
IT ALSO SHOWED THE CONCERTED DESIRE TO BRING MODERN METHODS AND IDEAS TO A TRADITIONALLY CONSERVATIVE TRADE.
MR
MR
TOUCHING UPON MATTERS RAISED BY THE ASSOCIATION'S CHAIRMAN, CHEUNG KAM-WING, OF PARTICULAR CONCERN TO THE MOTOR BOAT INDUSTRY, HALL CITED THE PROPOSAL TO CLASSIFY ALL VESSELS NOT USED EXCLUSIVELY FOR PLEASURE OR SPORT AS COMMERCIAL VESSELS.
"THE REVISED INTERPRETATION WILL REFLECT TRULY THE PURPOSE WHICH AN OWNER EMPLOYS HIS VESSEL. IF THE OWNER'S PURPOSE IS TO OBTAIN REWARD FOR THE USE OF HIS VESSEL, THE VESSEL WILL BE CLASSED AS COMMERCIAL REGARDLESS OF WHETHER IT IS HIRED OR MADE AVAILABLE PLEASURE PURPOSES," HE SAID.
FOR
FOR
/MR HALL