N
WEDNESDAY, FEBRUARY 7, 1990
CONSULTATIONS HAD ALSO
TAKEN
PLACE WITH
MARKET
PROSPECTIVE PARTICIPANTS AND WITH EXPERTS FROM THE BANK OF ENGLAND, AMONG OTHERS.
THE EXISTING
OF THE INLAND 26A SECTION
OR PROFIT HE EXPLAINED THAT REVENUE ORDINANCE EXEMPTED FROM TAX LIABILITY ANY INTEREST
(GOVERNMENT BONDS ISSUED ARISING FROM GOVERNMENT
UNDER
THE
LOANS
BONDS) ORDINANCE.
BE
ISSUED BY
GOVERNMENT THE TERMS
SINCE THE EXCHANGE FUND BILLS WOULD UNDER THE EXCHANGE FUND ORDINANCE, THEY WOULD FALL OUTSIDE OF THE EXISTING EXEMPTION PROVIDED FOR GOVERNMENT BONDS,
THE BILL SERVED THE PROPOSED AMENDMENT IN CLAUSE 2(C) OF
EXCHANGE FROM ARISING PROFIT EXEMPT FROM TAX ANY INTEREST OR BILLS.
TO
FUND
STAMP DUTY BILLS
"THE EXEMPTION OF THESE BILLS FROM PROFITS TAX AND SERVES TO LOWER THE YIELD AT WHICH THE BILLS ARE SOLD, MAKE THE MORE EASILY MARKETABLE AND ENCOURAGE SECONDARY MARKET TRADING.
"THIS WOULD ASSIST IN THE PROPER DEVELOPMENT OF SIR PIERS ADDED.
THIS MARKET,"
DEBATE ON THE BILL WAS ADJOURNED.
BILL TO PROVIDE EXEMPTION FROM STAMP DUTY
THE
IMPOSITION SIR PIERS JACOBS,
TO
OF STAMP TOLD THE
THE MAIN PURPOSE OF THE STAMP DUTY (AMENDMENT) BILL 1990 IS EXEMPT EXCHANGE FUND DEBT INSTRUMENTS FROM DUTY, THE FINANCIAL SECRETARY, THE HON LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
THE
SIR BILL,
PIERS
MOVING THE SECOND READING OF REASONS FOR THIS PROPOSAL WERE SIMILAR TO THOSE WHICH HE HAD IN HIS EARLIER SPEECH MOVING THE SECOND READING OF THE INLAND (AMENDMENT) BILL 1990.
SAID THE OUTLINED REVENUE
"HOWEVER, I WOULD LIKE TO EXPLAIN SPECIFIC TECHNICAL AMENDMENT PROPOSED IN THIS BILL,
BRIEFLY
"
NEED THE
HE SAID.
FOR
THE
"UNDER
PRESENT THE
DUTY IS STAMP ORDINANCE, DUTY STAMP
SALE OR PURCHASE CHARGEABLE ON TRANSACTIONS WHICH AMOUNT TO THE 'STOCK'
OF
DEFINED 'STOCK' AS NOTE. ON THE CONTRACT "THE DUTY IS
BILL OF EXCHANGE ORDINANCE EXCLUDES 'ANY 2 OF THE
THE MEANING SECTION PROMISSORY NOTE OR ANY CERTIFICATE OF DEPOSIT WITHIN SECTION 2 OF THE INLAND REVENUE ORDINANCE'.
""BECAUSE OF
+
IN
OR
OF
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