CO129-615-2 Income tax 10-3-1947 - 6-2-1948 — Page 50

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I tract

Ory

tract fr. H.R. Hansard of 1-5-47

HONG KONG LEGISLATIVE COUNCIL

Such

Pawnbrokers Ordinance, 1930, was amended by this Council. amendment was enacted for the purpose of encouraging the resumption of business by pawnbrokers by permitting a reduced period during which ownership of pledged goods could pass. It was intended that such amendment should not have lengthy effect and, in fact, the amending Ordinance of 1946 provided that the Ordinance should expire on the 31st October this year, unless retained by order of the Governor in Council. It was further the intention that when such amending Ordinance of 1946 should expire the position would revert to the position obtaining under the principal Ordinance, 1930. Doubt has, however, arisen as to whether Section 5 of the amending Ordinance, 1946, sufficiently gives expression to that intention. Therefore, this Bill is designed to make it clear that upon the cessation of the amending Ordinance of 1946, the position will revert to that obtaining under the principal Ordinance, 1930.

THE COLONIAL SECRETARY seconded, and the Bill was read a First time.

1.

Objects and Reasons.

The "Objects and Reasons" for the Bill were stated as follows:- Section 5 of the Pawnbrokers Amendment Ordinance, 1946, provides for a limitation upon the period for which such Ordinance will remain in force. It is the intention that upon the expiration of such Ordinance, the Pawnbrokers Ordinance, 1930, should continue to have effect as if the Amendment Ordinance, 1946, had not been enacted. Doubt has arisen as to whether such intention is made clear in the Amendment Ordinance, 1946.

2. The purpose of this Bill is to remove such doubt by amend- ment of Section 5 of the 1946 Ordinance so as to state clearly that upon the cessation of the Pawnbrokers Amendment Qrdinance, 1946, the Pawnbrokers Ordinance, 1930, shall have effect as if the 1946 Ordinance

inance had not been enacted.

INLAND REVENUE BILL, 1947.

THE FINANCIAL SECRETARY moved the Second reading of a Bill intituled "An Ordinance to impose a Tax on Earnings and Profits."

THE COLONIAL SECRETARY seconded.

HON. MR. D. F. LANDALE.-Your Excellency, When you referred the Draft Bill imposing a tax on earnings and profits which was published in the Gazette on the 7th March to the Taxation Com- mittee, expanded by the inclusion of all Unofficial Members of this Council, the Bill was considered at one meeting only.

At this meeting certain Unofficial Members of the Council sub- mitted their views in writing and as far as I am aware the substance As it sets out of this written opinion has never been made public. briefly my views I would like to repeat it:

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