081
Monoli
a
!
T
....
·
7
1. I
A
£1 ECU DUTEVODO
...
.Jaic
vzuda mat 10 (0)
to moispi sent
takut to Jostle sad omad
war Jud ulijonuj si dont
bidea to cưO]
› wŃ our ndummon Lle Fauz
A
.1900
мо
63116/12
481
in Hongkong must in the case of a Chim company be filed with the Registrar of Companies at Shan,hal.
4.
The British-American Tobacce Company Limited, in their letter of 21st Deamber, 182, aduressed to the Under Secretary of State for the Colonies, suggest that the fee imposed by the above section is too high, being. an they say,”greatly in excess of any moneys which would be reccived by the Colony by way of stamp duties on transfers, estate duty or prebate duty if the company were a Hongkong ompany”. This statement is not supported by any figures or mlculations. If it were I should be prepared to consider a redzation of the fee.
I should also be prepared to consider the making of acne arrangment to avoid the cuplication of taxation omplained of by this ocupaty, 'eshaps the simplest wy would be to margs the fee only on the ospital of the British-in›erican Tobacco Company (China) Limited,
In the permultikate paragraph of their letter the cœụany som to suggest that the total amount of the liosnon fee collected from China ompanies should only be enough to pay the cost of the registry at han bai, ikis is elmrly wrong. The fee was intended to compensate the Colony for the loss of estate duty and transfer outy, in this connection it is important te reember that mares in Chim companies, as I wderstand the position, pay no estate duty to any British authority except mere they for part of tue estate of a deomused British subject,
7.
In the last paragraph of their letter the dempary maggast that no fee should be levied on any capital in excess of $5,000,000. I cannot accept this propomad. It might have beɛ sound if the fee und beum imposed to pay the expenses of a registry, but the „ropoml is quite imppropriate to the case of a fee which was beam imposad
No comments yet.
Private notes are available after approval.