FRIDAY, NOVEMBER 15, 1991
*1
THE
"SINCE 1986, MANY INSTANCES HAVE BEEN ENCOUNTERED WHERE USER IS A FOREIGN OPERATOR BUT WHERE, UNDER THE EXISTING LEGISLATION, DEPRECIATION ALLOWANCES CANNOT BE DENIED, THE SPOKESMAN SAID. "THE AMOUNT OF TAX LEAKAGE WHICH HAS OCCURRED THROUGH THESE TRANSACTIONS HAS BEEN SUBSTANTIAL.
ON NOVEMBER 14, 1990, THE FINANCIAL SECRETARY INFORMED THE LEGISLATIVE COUNCIL THAT STEPS WOULD BE TAKEN TO DENY DEPRECIATION ALLOWANCES TO ALL FOREIGN OPERATORS OF SHIPS AND AIRCRAFT.
THE PROVISIONS OF THE NEW BILL WOULD THEREFORE GENERALLY APPLY TO TRANSACTIONS ENTERED INTO AFTER THAT DATE.
"THIS TYPE OF LEVERAGED LEASING TRANSACTION HAS GENERALLY BEEN CARRIED OUT THROUGH A LIMITED PARTNERSHIP WITH LIMITED LIABILITY.
"OUR PROPOSAL IS THAT THE SHARE OF ANY PARTNER'S LOSS FROM SUCH A PARTNERSHIP BE SET OFF AGAINST HIS OTHER INCOME WOULD BE RESTRICTED ΤΟ
THE AMOUNT HE ACTUALLY HAD AT RISK IN THE PARTNERSHIP, THE SPOKESMAN SAID.
IT
THE BILL IS SCHEDULED TO BE INTRODUCED INTO THE LEGISLATIVE COUNCIL ON NOVEMBER 27.
CULTURAL LINKS BETWEEN HONG KONG AND CANADA TO BE REINFORCED-
AGREED TO BOTH THE HONG KONG AND THE CANADIAN GOVERNMENTS HAD
STRENGTHEN REINFORCE CULTURAL LINKS AND STAGE RECIPROCAL FESTIVALS TO
TWO COMMUNITIES, THE SECRETARY THE GROWING PARTNERSHIP BETWEEN THE FOR RECREATION AND CULTURE, MR JAMES SO, SAID TODAY (FRIDAY).
CANADA 191 "IN MAY AND JUNE THIS YEAR, CANADA MOUNTED FESTIVAL
FESTIVAL HONG KONG '92 TO BE HELD HERE, AND PLANNING IS UNDERWAY FOR IN CANADA NEXT YEAR, MR SO SAID.
h
INTERNATIONAL
CANADA
SPEAKING AT THE OPENING CEREMONY OF THE CANADIAN SCHOOL AT CAUSEWAY BAY, MR SO SAID LINKS BETWEEN HONG KONG AND WERE GROWING AT A VERY FAST PACE DURING THE LAST DECADE,
CANADA
"INCREASING NUMBERS OF HONG KONG PEOPLE ARE SETTLING IN
|| HE SAID. AND MANY CANADIANS ARE COMING HERE TO WORK OR DO BUSINESS,
WELL-BEING
HONG KONG'S FUTURE ECONOMIC HE POINTED OUT THAT DEPENDED ON ITS BEING AN INTERNATIONAL TRADING AND FINANCIAL CENTRE.
THE
GOVERNMENT HE SAID
WAS ATTRACTIVE PLACE TO LIVE IN, INCLUDING AND RETURNED EMIGRANTS WHO WERE WORKING KONG.
MAKE
AN
ΤΟ KEEN
KONG HONG FOR THOSE FOREIGN NATIONALS OR DOING BUSINESS IN HONG
THEIR CHILDREN IS "PROVIDING SUITABLE EDUCATION TO FACTOR IN HELPING THÊM DECIDE WHETHER OR NOT TO COME TO HONG WORK OR DO BUSINESS.
A MAJOR KONG TO
/"THE IMPORTANCE