XN000022-1981-11-27 — Page 13

FRIDAY, NOVEMBER 27, 1981

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STAMP DUTY AMENDMENT BILL

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THE STAMP DUTY (AMENDMENT) BILL 1981, THE PROVISIONS OF WHICH WILL HELP HONG KONG DEVELOP FURTHER AS AN INTERNATIONAL FINANCIAL CENTRE, VS PUBLISHED IN THE GOVERNMENT GAZETTE TODAY.

THE CHANG PROPOSED IN THE BILL WILL AFFECT HONG KONG UNIT TRUSTS ND INTERNATIONAL BOND ISSUES MADE THROUGH HONG KONG.

A GOVERNMENT SPOKESMAN EXPLAINED THAT WHEN THE STAMP DUTY LEGISLATION WAS RECAST EARLIER THIS YEAR, PROVISION WAS MADE FOR DUTY TO BE CHARGED ON TRANSACTIONS IN UNITS UNDER TRUST SCHEMES, BUT IMPLEMENTATION OF THOSE PROVISIONS WAS DEFERRED PENDING CONSULTATIONS WITH REPRESENTATIVES OF THE UNIT TRUST

INDUSTRY IN HONG KONG.

+THOSE CONSULT TIONS HAVE JUST BEEN COMPLETED, HE SAID, +AND THE FIRST PURPOSE OF THE BILL IS TO INTRODUCE A SET OF RELIEFS FOR MANAGERS OF UNIT TRUST SCHEMES WHICH IS MODELLED ON THE CORRESPONDING UNITED KINGDOM LEGISLATION.+

WHEN UNIT TRUST MANAGERS BUY AND SELL UNITS, THE TRUST DEEDS REQUIRE THEM TO DO SO WITHIN A NARROW RANGE OF PRICES. THEY ARE THEREFORE TO BE GIVEN RELIEF FROM AD VALOREM DUTY, AS IN THE UNITED KINGDOM, WHEN THEY SELL UNITS WITHIN TWO MONTHS OF BUYING THEM OR, IF THE UNITS ARE NOT RESOLD, ON THEIR BEING CANCELLED WITHIN THAT PERIOD.

THE SECOND PURPOSE OF THE BILL IS TO ENCOURAGE THE DEVELOPMENT OF HONG KONG AS A CENTRE FOR INTERNATIONAL BOND ISSUES, ESPECIALLY AS FADOLLAR BONDS, BY RELIEVING INSTRUMENTS RELATING TO FORE IGN CURRENCY LOANS FROM THE CHARGE OF BEARER INSTRUMENT DUTY WHICH WAS IMPOSED BY THE STAMP DUTY ORDINANCE EARLIER THIS YEAR.

THE PROVISIONS OF THE BILL, AND THOSE OF THE ORDINANCE RELATING TO UNIT TRUSTS, ARE INTENDED TO COME INTO FORCE SIMULTANEOUSLY.

TEAMWORK ESSENTIAL, FIREMEN TOLD

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FIREMEN WERE REMINDED TODAY (FRIDAY) OF THE NEED FOR TEAMWORK.

SPEAKING AT A PASSING OUT PARADE HELD AT THE FIRE SERVICES TRAINING SCHOOL IN PAT HEUNG, THE DEPUTY CHIEF FIRE OFFICER OF KOWLOON COMMAND, MR CHEUNG SHUI-SHING TOLD 34 NEW FIREMEN THAT SMARTNESS AND DISCIPLINE WERE ALSO IMPORTANT FOR THEIR CAREERS.

+OTHERS ARE COURAGE, DEVOTION, DETERMINATION AND A DESIRE

TO SERVE YOUR COMMUNITY, MR CHEUNG SAID.

+TEAMWORK IS ESSENTIAL IN THIS PROFESSION AND IT IS NOW UP TO YOU TO BECOME AN EFFECTIVE PART OF IT.

* MUST SAY YOU ARE JOINING A SERVICE TO BE PROUD OF.+

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