End
(b)
(c)
J
51
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As always, we are prepared to consider any proposal to reduce the total transactions costs of which transaction levy only forms a part. The securities market is well aware of our position.
We do not think that the present level of costs for securities transaction. would adversely affect Hong Kong's status as an international financial centre. Our overall transaction costs compare favourably with those of other securities markets in the region, including Singapore and Tokyo. Nevertheless, we are mindful of the need to keep securities transaction costs in Hong Kong as low as possible. Over the years, we have taken a number of steps to reduce costs. The stamp duty has been reduced on three occasions since 1991 from 0.30% to 0.15%. The transaction levy has also been reduced twice since 1993 from 0.025% to 0.013%, and the Special Levy was suspended in August 1993. Regrettably, the same cannot be said of the third element which makes up the total transaction cost, namely fixed commissions. There are on-going discussions between the SFC and the SEHK, as well as within SEHK itself, regarding further ways of reducing transaction costs.
Overseas medical treatment for civil servants
Following is a question by the Hon Emily Lau and a written reply by the Secretary for the Civil Service, Mr W K Lam, in the Legislative Council today (Wednesday):
Question:
It is learnt that the medical expenses amounting to HK$1 million incurred by a directorate officer of the Architectural Services Department, who went to the United States several months ago for treatment of disorders of cardiac blood vessels, were paid for by the Government. In this connection, will the Government inform this Council whether:
(a)
it is aware of the above case; if so, of the basis on which the authorities concerned granted approval for the expenses to be paid by the Government; and what monitoring measures are in place to prevent the abuse of the arrangement of permitting civil servants to receive medical treatment in a foreign country;