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WEDNESDAY, MARCH 6, 1991
ΤΟ
THESE
THE FINANCIAL SECRETARY DID NOT PROPOSE, ON THIS OCCASION, INCREASE THE ALLOWANCES FOR CHILDREN OR FOR DEPENDENT PARENTS. ALLOWANCES WERE ADJUSTED IN THE 1990 BUDGET.
THE CONCESSIONS WOULD TAKE EFFECT FROM THE YEAR OF COMMENCING APRIL 1, 1991:
ASSESSMENT
ΤΟ "THEREFORE, THE FIRST OCCASION ON WHICH THEY WILL APPLY IS PROVISIONAL AND FINAL SALARIES TAX ASSESSMENTS FOR 1991-92 AND ALSO TO 1991-92 PERSONAL ASSESSMENTS.
WILL BE
"I ESTIMATE THAT THE COST TO THE REVENUE IN 1991-92 $340 MILLION, AND $480 MILLION FOR A FULL YEAR," SIR PIERS SAID.
STAMP DUTY
DUTY.
THE FINANCIAL SECRETARY HAD THREE CONCESSIONS RELATING TO STAMP
FIRST,
THE
TOWARDS
REDUCE
TREND OF
WORLD-WIDE RECOGNITION IN ELIMINATING THE DUTY ON STOCK TRANSFERS, SIR PIERS PROPOSED TO THE OVERALL CONTRACT NOTE DUTY FROM 0.6 PER CENT TO 0.5 PER CENT.
"THANKS TO MODERN TECHNOLOGY, STOCK MARKETS NEED NO LONGER CONFINED TO ANY PARTICULAR GEOGRAPHICAL LOCATION.
BE
WE MUST HAVE "THUS, IN PLANNING FUTURE BUDGETARY STRATEGY,
IN REGARD TO HOW TOTAL DEALING COSTS IN HONG KONG COMPARE WITH THOSE OTHER CENTRES.
"I AM OBLIGED, HOWEVER, TO MOVE CAUTIOUSLY, SUBSTANTIAL REVENUE WHICH IS AT STAKE.
H
MILLION, THE FINANCIAL SECRETARY SAID.
MINDFUL OF THE
THIS CONCESSION WILL COST $420
SECONDLY, THE FINANCIAL SECRETARY PROPOSED TO EXEMPT REGISTERED DEBT INSTRUMENTS FROM STAMP DUTY SO THAT THEY WERE TREATED IN THE SAME WAY AS BEARER DEBT INSTRUMENTS.
THE COST OF THIS CONCESSION WOULD BE ONLY $1 MILLION.
THIRDLY, THE FINANCIAL SECRETARY PROPOSED TO RELIEVE GROUPS FROM THE DUTY ON STOCK TRANSFERS UPON RESTRUCTURING INTRA-GROUP SHAREHOLDINGS.
CORPORATE OF THEIR
UPON
"THIS IS TO FOLLOW THE EXISTING RELIEF FROM THE RE-ORGANIZATION OF INTRA-GROUP PROPERTY HOLDINGS COST THE REVENUE $80 MILLION," HE SAID.
ASSIGNMENT
AND
DUTY WILL
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