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The opportunity is also taken in this exercise to amend the legislation in order to provide equal tax treatment to Hong Kong and non-Hong Kong stocks in stock borrowing and lending transactions. Under existing legislation, profits tax concessions proposed to promote such transactions apply only to Hong Kong stocks. The Bill seeks to extend the concession to non-Hong Kong stocks transactions as specified by the Commissioner of Inland Revenue.
Mr President, with these remarks, I commend the Bill to Members.
End
Business Registration (Amendment) Bill 1996
Following is a speech by the acting Secretary for the Treasury, Mr Alan Lai, in moving the second reading of the Business Registration (Amendment) Bill 1996 in the Legislative Council today (Wednesday):
Mr President.
I move that the Business Registration (Amendment) Bill 1996 be read the second time.
The Bill seeks to raise the maximum average monthly turnover levels below which businesses are exempt from payment of business registration fees. For the sale of goods, the level is raised by 100 per cent from $15,000 to $30,000. For those providing a service, the level is raised by 150 per cent from $4,000 to $10,000.
The Bill also seeks to transfer minor regulation making power under the Business Registration Ordinance from the Governor in Council to the Secretary for the Treasury. This Council would still be able to scrutinise any regulation made under the Ordinance, in the usual way.
Mr President, with these remarks, I commend the Bill to Members.
End