WEDNESDAY, APRIL 8, 1992
SAID,
AND
THE
MOVING THE SECOND READING OF THE BILL, THE FINANCIAL SECRETARY
OPTIONS MOST CLAUSE 2 OF THE BILL WOULD BRING
RIGHTS, INTERESTS IN RESPECT OF STOCK WITHIN THE DEFINITION OF 'STOCK' IN STAMP DUTY ORDINANCE, SO THAT A SALE AND PURCHASE OR TRANSFER OF RIGHTS, OPTIONS OR INTERESTS WOULD BE CHARGEABLE WITH STAMP DUTY.
"THE PRINCIPAL EFFECT OF THIS AMENDMENT WOULD BE TO EXTEND
OR TRANSFER OF STAMP DUTY TO THE SALE AND PURCHASE APPLICATION COVERED WARRANTS," HE SAID.
OF
SUCH
THE OF
THE FINANCIAL SECRETARY IN HIS SPEECH MOVING THE SECOND READING THE APPROPRIATION BILL SAID THIS WAS A LOGICAL EXTENSION OF THE EXISTING TAX SYSTEM, SINCE THESE WARRANTS WERE A ROUTINELY TRADED FORM OF SECURITY.
CLAUSE 3 OF THE BILL. WOULD REDUCE FROM 0.5% TO 0.4% THE RATE OF STAMP DUTY ON CONTRACT NOTES.
"THIS REPRESENTS A CONTINUATION OF THE GRADUAL PROCESS
DUTY ON STOCK TRANSFERS, REDUCTION IN
DESIGNED TO MAINTAIN
MR MACLEOD SAID. COMPETITIVENESS OF HONG KONG'S SECURITIES MARKET,
OF
THE
IN
AN
OF
THE EXTENSION OF STAMP DUTY TO COVERED WARRANTS WILL BRING RATE THE REDUCTION IN THE EXTRA $140 MILLION REVENUE A YEAR. CONTRACT NOTE DUTY WILL COST THE REVENUE $400 MILLION A YEAR.
ENTERTAINMENTS TAX (AMENDMENT) BILL 1992
THE
SECRETARY IN MOVING THE SECOND READING FINANCIAL ENTERTAINMENTS TAX (AMENDMENT) BILL SAID THE PURPOSE OF THE BILL ΤΟ EFFECT ENTERTAINMENTS TAX ORDINANCE, TO GIVE THE TO AMEND PROPOSAL
THE BUDGET TO ABOLISH ENTERTAINMENTS
TICKETS.
IN
TAX
ON
OF
THE
WAS THE CINEMA
THE
COST OF MILLION A YEAR.
THIS MEASURE TO GENERAL REVENUE
WILL
BE S130
WEEK,
BILL LAST
ASSURANCES
MOVING IN
THE SECOND READING OF THE APPROPRIATION THE FINANCIAL SECRETARY NOTED THAT HE HAD RECEIVED FROM HONG KONG'S TWO LARGEST CINEMA OPERATORS THAT THE FULL BENEFIT OF
THAT THE CONCESSION
AND WOULD BE PASSED ON TO CINEMA-GOERS,
WOULD BE NO INCREASE IN THE PRICE OF TICKETS IN THE COMING YEAR.
THERE
"I HAVE NO REASON TO DOUBT THAT THE OPERATORS CONCERNED ABIDE
REPORTS BY THIS AGREEMENT. I HAVE, HOWEVER, NOTICED MEDIA THE EFFECT THAT SOME FILM DISTRIBUTORS MAY NOT INTEND TO PASS ON FULL VALUE OF THE CONCESSION TO THE PUBLIC," HE SAID.
WILL
ΤΟ
THE
MR MACLEOD SAID HE WAS SOMEWHAT CONCERNED ABOUT THESE AND WOULD BE LOOKING INTO THE SITUATION CLOSELY.
REPORTS
++
"IF CIRCUMSTANCES WARRANT, CONCESSIONS CAN OF REVERSED IN FUTURE BUDGETS, HE SAID.
COURSE
BR
THE DEBATE ON THE MOTIONS WERE ADJOURNED.
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