XN000022-1978-12-29 — Page 3

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AMENDMENTS TO THE HK IMPORTS AND EXPORTS

CLASS IF ICATION LIST, REVISED EDITION, JANUARY 1978 *****

THE TRADE, INDUSTRY AND CUSTOMS DEPARTMENT TODAY (FRIDAY) REMINDED IMPORTERS AND EXPORTERS THAT A NUMBER OF AMENDMENTS HAVE BEEN MADE TO THE CLASSIFICATION OF COUNTRIES/TERRITORIES CONTAINED IN THE HONG KONG IMPORTS AND EXPORTS CLASSIFICATION LIST, REVISED EDITION, JANUARY 1978.

THESE AMENDMENTS WERE PUBLISHED IN SPECIAL SUPPLEMENT NO. 4 OF THE GAZETTE ISSUED TODAY (FRIDAY) AND WILL COME INTO FORCE WITH EFFECT FROM JANUARY 1, 1979.

COPIES OF THE AMENDMENT SHEETS MAY BE OBTAINED ON REQUEST, FREE OF CHARGE, FROM THE GOVERNMENT PUBLICATIONS CENTRE ON THE GROUND FLOOR OF THE GENERAL POST OFFICE BUILDING, CONNAUGHT PLACE, CENTRAL.

+ IMPORTERS AND EXPORTERS ARE URGED TO ENSURE THAT THE IR EMPLOYEES RESPONSIBLE FOR COMPLETING TRADE DECLARATION FORMS ARE AWARE OF THESE AMENDMENTS TO PREVENT DELAYS AND INCONVENIENCE TO THEMSELVES,+ A SPOKESMAN FOR THE DEPARTMENT SAID.

INTEREST TAX REMINDER

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THE INLAND REVENUE DEPARTMENT TODAY (FRIDAY) REMINDED INTEREST PAYERS AND RECIPIENTS, PARTICULARLY BORROWERS AND MORTGAGORS, TO COMPLY WITH THE INTEREST TAX LAW.

A SPOKESMAN FOR THE DEPARTMENT SAID INTEREST TAX IS A WITHHOLDING TAX. +CURRENTLY, 15 PER CENT OF THE INTEREST CHARGEABLE WITH INTEREST TAX MUST BE DEDUCTED BY THE PAYER AT THE TIME HE PAYS OR CREDITS THE INTEREST TO THE RECIPIENTS, HE EXPLAINED.

IN OTHER WORDS, THE RECIPIENTS SHOULD RECEIVE AT THAT TIME

85 PER CENT OF THE INTEREST, HE SAID.

THE INTEREST PAYER, HAVING WITHHELD 15 PER CENT TAX FROM THE RECIPIENT ON BEHALF OF THE GOVERNMENT SHOULD THEN REMIT THE TAX TO THE INLAND REVENUE DEPARTMENT WITHIN 30 DAYS.

THE DEPARTMENT WILL GIVE TO THE RECIPIENT, THROUGH THE PAYER, A RECEIPT FOR THE TAX AND A DEDUCTION CERTIFICATE.

SPECIAL CERTIFICATE ARRANGEMENTS CAN ALSO BE MADE WITH THE LICENSED BANKS AND CERTAIN SPECIFIED CORPORATIONS.

THE SPOKESMAN REITERATED THAT PAYERS MUST NOT AWAIT THE ISSUE OF AN INTEREST TAX RETURN OR WAIT FOR A NOTICE OF DEMAND FOR THE TAX FROM THE DEPARTMENT.

THE REMITTANCE, HE SAID, SHOULD HAVE A COVERING NOTE GIVING PARTICULARS OF THE NAME AND ADDRESS OF THE RECIPIENT, THE GROSS AMOUNT OF INTEREST, THE NET INTEREST PAID, PERIOD OF ACCRUAL OF THE INTEREST, AND THE DATE OF THE PAYMENT OR CREDIT OF THE NET

INTEREST.

+THE INLAND REVENUE DEPARTMENT, HE ADDED, +TAKES A SERIOUS VIEW OF AN OFFENCE AND THE PENALTY, ON CONVICTION, IS A FINE OF $2,000.+

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