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The Court of Appeal with acting Chief Justice Power, Justices Bokhary and Stuart-Moore after hearing the submission made by the counsel for the appellant, immediately dismissed the appeal against conviction and confirmed the sentence.
A spokesman for the Inland Revenue Department today reminded the public that tax evasion is a criminal offence.
Upon conviction, the maximum sentence is three years' imprisonment, a fine of $50,000 on each charge and a further fine of trebles the amount of tax undercharged.
End
RTGS system to commence on Monday
The Hong Kong Monetary Authority (HKMA) announced today (Friday) that it has informed the banks that the interbank payment system will proceed with data conversion this weekend with a view to cut-over to the Real Time Gross Settlement (RTGS) system on Monday (December 9).
The announcement was made after a series of simulation tests which finished on December 4.
To tie in with the launch of RTGS on Monday, a Gazette notice was issued today to invoke the commencement of several sections of the Hong Kong Association of Banks (Amendment) Ordinance 1995 in order to conform with the new settlement structure for interbank payments.
Under the new structure, all licensed banks are required to open accounts with the Monetary Authority on behalf of the Exchange Fund for settlement purposes.
The HKMA will convert the data from the present system to the new system during this weekend to prepare for full implementation of the RTGS system at 9 am on Monday.
Following the implementation of the RTGS system, the format of the Reuters screen showing interbank liquidity will be slightly modified (see revised screen format below).
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