· 61
Actual penalties to be imposed will of course continue to be a matter for the courts. However, the higher maximum fines will give the courts wider scope to impose penalty on convicted offenders as they see fit. They will also help to deter potential offenders and encourage voluntary compliance, which is essential to efficient tax collection and administration.
Mr President, I beg to move.
End/Wednesday, July 19, 1995
HK Association of Banks (Amendment) Bill 1995: committee stage
Following is the speech by the Secretary for Financial Services, Mr Michael Cartland, in moving the committee stage amendment of the Hong Kong Association of Banks (Amendment) Bill 1995 in the Legislative Council today (Wednesday):
Mr Chairman,
I move that clause 8 be amended as set out under my name in the paper circulated to Members.
The amendment seeks to clarify the arrangements for presiding over Consultative Council meetings of the Hong Kong Association of Banks. If the Chairman is present, he shall preside. The amendment sets out the detailed arrangements in the event of his absence. This is in response to a comment on detailed drafting made by the Hong Kong Association of Banks after the Bill had been gazetted.
Mr Chairman, I beg to move.
End/Wednesday, July 19, 1995