THURSDAY, JANUARY 25, 1990
MEANWHILE, SIX GRADUATES OF THE NAVIGATION TRAINING CLASS WERE PRESENTED CERTIFICATES BY DR LEE.
OF
DR LEE ALSO PRESENTED PRIZES AND CERTIFICATES TO TWO FISHERMEN MR SO SAI AND MR CHENG AH-FOOK, WHO HAD BRAVELY SAVED THE LIVES NINE PEOPLE AT SEA.
NINE PMO STAFF MEMBERS WHO HAD EACH SERVED THE ORGANISATION FOR 25 YEARS WERE AWARDED LONG SERVICE MEDALS.
TWENTY-FOUR FISHERMEN WHO LANDED THE TOP CATCHES IN THE WHOLESALE FISH MARKETS LAST YEAR WERE PRESENTED PRIZES CERTIFICATES BY MRS LEE.
FMO'S AND
AMONG THEM, MR PO YAN-FOO, MR PO YAN-YAU, MR KWAN CHUB, MR LAU KAM-FAI, MR LEUNG NGAU AND MR NG CHUEN-HEE WERE NAMED CHAMPION FISHERMEN OF THE YEAR.
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TAX EXEMPTION FOR EXCHANGE FUND BILLS PROPOSED
THE EXECUTIVE COUNCIL HAS ADVISED THAT DRAFT LEGISLATION SHOULD BE INTRODUCED INTO THE LEGISLATIVE COUNCIL TO PROVIDE FOR THE EXEMPTION OF EXCHANGE FUND BILLS FROM PROFITS TAX AND STAMP DUTY.
"THIS IS ONE OF THE LAST STEPS TO BE TAKEN BEFORE WE CAN PROCEED WITH ISSUING THE BILLS," THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, SAID TODAY (THURSDAY).
THE DRAFT LEGISLATION IS IN THE FORM OF TWO BILLS, ONE TO AMEND THE INLAND REVENUE ORDINANCE AND THE OTHER TO AMEND THE STAMP DUTY ORDINANCE.
BOTH WERE PUBLISHED IN THE GAZETTE TODAY AND WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL ON FEBRUARY 7.
MR NENDICK EXPLAINED THAT THERE WERE THREE REASONS FOR EXEMPTING EXCHANGE FUND BILLS FROM PROFITS TAX AND STAMP DUTY:
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TO LOWER THE YIELD AT WHICH THE BILLS ARE SOLD:
TO MAKE THE BILLS MORE EASILY MARKETABLE; AND
TO ENCOURAGE SECONDARY MARKET TRADING.
"THE FINANCIAL SECRETARY ANNOUNCED ON AUGUST 24, 1989 THAT THIS WAS HIS INTENTION," MR NENDICK SAID.
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"THE PROPOSAL IS IN LINE WITH MARKET EXPECTATIONS, HE ADDED.
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