WEDNESDAY, OCTOBER 27, 1993
30
TAX EXEMPTION FOR OCCUPATIONAL RETIREMENT SCHEMES
*
AS A MATTER OF POLICY, AN APPROVED RETIREMENT SCHEME 19 NOT SUBJECT TO TAX ON PROFITS FROM THE INVESTMENT OF ITS ASSETS.
THIS WAS STATED BY THE SECRETARY FOR THE TREASURY, MR DONALD TSANG, IN A WRITTEN REPLY TO A QUESTION BY THE HON MARVIN CHEUNG IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
1993,
HE ADDED THAT THE INLAND REVENUE (AMENDMENT) (NO. 4) BILL WHICH HAD RECENTLY BEEN INTRODUCED INTO THE LEGCO, SOUGHT TO PROVIDE THAT A RECOGNISED OCCUPATIONAL RETIREMENT SCHEME WOULD BE REGARDED AS AN APPROVED RETIREMENT SCHEME FOR THE PURPOSE OF DETERMINING ITS TAX LIABILITY,
"WITH THIS PROPOSED AMENDMENT, IT WOULD BE SUFFICIENTLY CLEAR IN LAW THAT RECOGNISED OCCUPATIONAL RETIREMENT SCHEMES WHICH ARE ESTABLISHED UNDER STATUTORY CONTROL TO RECEIVE, HOLD AND MANAGE FUNDS EARMARKED FOR THE PROVISION OF EMPLOYEES' BENEFITS ARE NOT LIABLE ΤΟ PROFITS TAX."
IT IS THUS NOT NECESSARY TO PROVIDE FOR THIS SEPARATELY AND SPECIFICALLY IN THE INLAND REVENUE ORDINANCE, MR TSANG SAID.
HA TO APPOINT ASBESTOS ADMINISTRATION COMMITTEE * * * * *
THE HOSPITAL AUTHORITY IS EMPOWERED UNDER THE AIR POLLUTION CONTROL (AMENDMENT) ORDINANCE 1993, WHICH CAME INTO OPERATION ON AUGUST 6 THIS YEAR, TO APPOINT AN ASBESTOS ADMINISTRATION COMMITTEE.
AND ALSO TO IDENTIFY SUITABLE COMMITTEE MEMBERS, THE SECRETARY FOR PLANNING, ENVIRONMENT AND LANDS, MR TONY EASON, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
IN A WRITTEN REPLY TO A QUESTION BY THE HON MAN SAI-CHEONG, MR EASON SAID APPOINTMENT FORMALITIES WERE BEING FINALISED AND THE DRAFTING INSTRUCTIONS FOR THE ASSOCIATED ASBESTOS ADMINISTRATION REGULATIONS WERE BEING PREPARED.
THE AMENDED ORDINANCE DOES NOT CALL FOR THE REMOVAL OF ASBESTOS FROM PUBLIC HOSPITALS BUT REQUIRES AN INVESTIGATION FOR ASBESTOS TO BE CONDUCTED FOR SPECIFIED PREMISES AND A MANAGEMENT PLAN TO BE PREPARED, MR EASON SAID.
THE GOVERNMENT HAS STARTED A COMPREHENSIVE SURVEY OF ASBESTOS IN ALL PUBLIC HOSPITALS TO RECORD THE PRESENCE OF ANY ASBESTOS AND ASSESS THE POSSIBLE HAZARD, AND PRIORITIES FOR THE NECESSARY ABATEMENT WORK WOULD BE ESTABLISHED.
"MANY GOVERNMENT AND PRIVATE ASBESTOS REMOVAL PROJECTS HAVE ALREADY TAKEN PLACE AND THIS INDICATES THAT THE POOL OF TECHNICAL EXPERTISE AVAILABLE IS SUFFICIENT, MR EASON SAID.
/HE SAID