XN000022-1984-06-13 — Page 10

WEDNESDAY, JUNE 13, 1984

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DESPITE THE ASSURANCES GIVEN BY THE FINANCIAL SECRETARY AND THE COMMISSIONER OF INLAND REVENUE THAT THERE WAS NO CHANGE IN OUR TERRITORIAL TAX CONCEPT, SHE SAID THAT THE QUESTION REMAINED WHETHER THE DECISION TO TAX OFF-SHORE INTEREST WOULD AFFECT BUSINESS IN HONG KONG.

WHILE SEE ING CERTAIN JUSTIFICATIONS FOR TAXING OFF-SHORE INTEREST EARNED BY FINANCIAL INSTITUTIONS, MRS FAN SAID SHE COULD NOT SEE ANY RATION OF INCLUDING OFF-SHORE INTEREST INCOME DERIVED BY NON-FINANCIAL INSTITUTIONS IN THE TAX NET, OTHER THAN TO GENERATE MORE REVENUE.

SHE SAID THE GROWING COMPLEXITY OF THE TAX LAW MIGHT WELL PROMPT HONG KONG BUSINESSMEN, WHO IN THE PAST HAD NOT BEEN INTERESTED IN TAX AVOIDANCE, TO FIND IT NECESSARY TO CONSIDER TAX PLANNING, IN ORDER TO PREVENT THE IR NORMAL COMMERCIAL TRANSACTIONS FROM BEING CAUGHT UNEXPECTEDLY BY THE NEW LEGISLATION.

+AGAIN, WHETHER THIS WILL HAVE ANY DETRIMENTAL EFFECT ON HONG KONG'S ECONOMY AND THE INLAND REVENUE SYSTEM REMAINS TO BE SEEN, SHE SAID.

HONG KONG'S ARTS IMAGE ENHANCED

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-

WU

THE EXPLOSION OF INTEREST IN THE PERFORMING ARTS OVER RECENT YEARS HAD ENRICHED THE COMMUNITY AND ENHANCED THE IMAGE AND REPUTATION OF HONG KONG ABROAD, THE HON ALEX WU SAID TODAY.

SPEAKING IN SUPPORT OF THE HONG KONG ACADEMY FOR PERFORMING ARTS BILL 1984, MR WU WHO IS CHAIRMAN OF THE PROVISIONAL COUNCIL OF THE ACADEMY, SAID HE BELIEVED THIS INTEREST WOULD CONTINUE TO GROW WITH THE INCREASING ACCESSIBILITY OF THE ARTS IN THEIR VARIOUS FORMS.

+

THE ACADEMY WOULD HAVE THE FUNCTIONS OF TRAINING FUTURE PERFORMERS AND TEACHERS, ASSISTING IN THE DEVELOPMENT OF TALENT AT PRE-TERTIARY LEVEL, ENCOURAGING THE HIGHEST STANDARD OF PROFESSIONALISM IN THE PERFORMING ARTS COMPANIES, AND FOSTERING A BETTER UNDERSTANDING AND APPRECIATION OF THE ARTS.

+THE ULTIMATE AIM OF THE ACADEMY IS TO TRAIN STUDENTS SO THAT THEY WILL ACHIEVE LASTING FULFILMENT IN A SATISFYING CAREER

MÀ HIL AND WILL THEREBY SERVE THE WHOLE COMMUNITY OF HONG KONG, SAID.

HE SAID WHEN THE ACADEMY'S FIRST STUDENTS GRADUATE IN FOUR YEARS TIME. THERE WOULD BE A WIDE VARIETY OF OUTLETS AND A STEADY DEMAND FOR THEIR PARTICULAR EXPERTISE.

/+THEY WILL

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