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WEDNESDAY, NOVEMBER 7, 1990
BILL TO ESTABLISH HK'S NEW SHIPPING REGISTER PASSED
WHICH SEEKS
THE MERCHANT SHIPPING (REGISTRATION) BILL 1990, TO ESTABLISH HONG KONG'S NEW SHIPPING REGISTER AND CONSTRUCT A PACKAGE OF FEES AND CHARGES TO BE PAYABLE BY SHIPOWNERS, WAS PASSED INTO LAW IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
MOVING THE SECOND READING OF THE BILL, THE SECRETARY FOR ECONOMIC SERVICES, THE HON ANSON CHAN, SAID WITH ITS OWN SHIPPING REGISTER, WHICH WILL OPEN FOR BUSINESS ON DECEMBER 3, HONG KONG WOULD SUCCEED IN ENHANCING ITS POSITION AS A MAJOR CENTRE OF TRADE AND SHIPPING AND THAT IT WOULD PLAY AN IMPORTANT ROLE IN PROMOTING HONG KONG'S ECONOMIC IDENTITY OVERSEAS.
AT THE SAME TIME, SHE BELIEVED THAT THE GOVERNMENT HAD CONSTRUCTED A PACKAGE OF FEES AND CHARGES THAT WOULD ENABLE HONG KONG TO COMPETE WITH OTHER REGISTERS OF SIMILAR STANDING.
MRS CHAN SAID THE AIM OF THE BILL WAS TO ENSURE THAT HONG KONG'S SHIPPING REGISTER MAINTAINED A HIGH REPUTATION WHILE BEING COMPETITIVE ENOUGH TO ATTRACT NEW TONNAGE.
"IT BEARS REPEATING THAT HONG KONG REGISTERED SHIPS WILL BE OPERATED IN ACCORDANCE WITH ALL RELEVANT INTERNATIONAL CONVENTIONS AND THAT WE HAVE NO INTEREST
IN SERING HONG KONG BECOME A 'FLAG OF CONVENIENCE',
"
"THIS WOULD BE DETRIMENTAL ΤΟ OUR EXISTING HARD-EARNED POSITION AS A LEADING CENTRE OF SHIPPING AND MARITIME SAID.
COMMERCE, SHE
MRS CHAN SAID THE PROPOSED CHARGES INCLUDED, FOR THE FIRST TIME, AN ANNUAL TONNAGE CHARGE.
IN RESPONSE TO REPRESENTATIONS FROM SHIPOWNERS THAT THE COMBINATION OF THIS CHARGE AND THE EXISTING PROVISIONS FOR THE TAXATION OF SHIPPING PROFITS WOULD SERIOUSLY AFFECT THE ATTRACTIVENESS OF THE HONG KONG REGISTER, THE ADMINISTRATION HAD DECIDED THAT EXEMPTION FROM PROFITS TAX WOULD BE GRANTED IN RESPECT OF PROFITS DERIVED FROM THE CARRIAGE OF PASSENGERS, MAIL, LIVESTOCK AND GOODS UPLIFTED IN HONG KONG BY OCEAN-GOING SHIPS REGISTERED ON THE NEW REGISTER.
THIS WOULD BE SUBJECT TO ENACTMENT BY THE LEGISLATIVE COUNCIL OF THE NECESSARY AMENDMENTS TO THE INLAND REVENUE ORDINANCE, MRS CHAN ADDED.
"THIS EXEMPTION, WHICH WE INTEND WILL TAKE EFFECT FROM THE ESTABLISHMENT OF THE NEW REGISTER, WILL ALSO HIRE OF OCEAN-GOING SHIPS, IRRESPECTIVE REGISTERED IN HONG KONG.
OF
APPLY TO THE CHARTER WHETHER THE SHIPS ARE
/"IT WILL