FRIDAY, NOVEMBER 26, 1993
GIVEN THE PLANTS AND THE
12
HUGE SCALE OF INVESTMENT NECESSARY IN NEW POWER LONG PERIOD OF TIME BEFORE THAT INVESTMENT CAN BE RECOVERED, THIS PROVISION HAS PROVED AN IMPORTANT INCENTIVE, HE ADDED.
HE BELIEVED THAT THE GOVERNMENT'S PRACTICE OF WORKING IN RELATIONSHIP WITH PRIVATE SECTOR ENERGY SUPPLIERS HAD PRODUCED BENEFITS BOTH FOR CONSUMER AND SHAREHOLDER.
STAMP DUTY ON AGREEMENTS FOR RESIDENTIAL PROPERTY SALE
*
THE SECRETARY FOR THE TREASURY WILL MOVE A RESOLUTION IN THE LEGISLATIVE COUNCIL ON DECEMBER 15 TO EXTEND THE REQUIREMENT UNDER THE STAMP DUTY ORDINANCE TO PAY STAMP DUTY ON ALL AGREEMENTS FOR SALE OF RESIDENTIAL PROPERTY FOR TWO YEARS BEYOND DECEMBER 31.
THE STAMP DUTY (AMENDMENT) ORDINANCE 1992 CAME INTO EFFECT ON JANUARY 31 LAST YEAR.
THE AMENDMENT ORDINANCE REQUIRES STAMP DUTY TO BE CHARORD ON ALL AGREEMENTS FOR SALE OF RESIDENTIAL PROPERTY.
PREVIOUSLY, BY CONTRAST, STAMP DUTY WAS ONLY PAYABLE ON THE ASSIGNMENT OF PROPERTY.
31
THE RELEVANT SECTIONS WILL EXPIRE AT MIDNIGHT ON DECEMBER THIS YEAR UNLESS THEY ARE EXTENDED BY THE LEGISLATIVE COUNCIL BY RESOLUTION.
"THE AMENDMENT ORDINANCE WAS INTRODUCED AS ONE IN A SERIES OF MEASURES TO CURB SPECULATION ON RESIDENTIAL PROPERTY. GENUINE HOME-BUYERS ARE NOT AFFECTED EXCEPT INSOFAR AS THEY HAVE TO PAY STAMP DUTY SLIGHTLY EARLIER, A GOVERNMENT SPOKESMAN SAID.
||
"BY CONTRAST, THE COST OF SPECULATION THROUGH THE USE OF LONG CHAINS OF SALE AND PURCHASE AGREEMENTS PRIOR TO ACTUAL ASSIGNMENT IS SIGNIFICANTLY INCREASED, THE SPOKESMAN SAID.
HE SAID TAKING THE PERIOD SINCE THE ENACTMENT OF THE AMENDMENT ORDINANCE IN JANUARY LAST YEAR AS A WHOLE, THE PROPERTY MARKET HAD REMAINED BUOYANT.
"BUT THE EXTENT OF SPECULATION ON RESIDENTIAL PROPERTY A CERTAIN EXTENT BEEN CONTAINED.
"THIS IS GENERALLY PERCEIVED TO BE THE COMBINED EFFECT TIGHTER MORTGAGE LENDING POLICY OF THE BANKS AS WELL AS THE COST OF SPECULATION AS A RESULT OF THE AMENDMENT ORDINANCE.
HAS ΤΟ
OF THE INCREASED
/"ALTHOUGH IT