XN000022-1990-05-02 — Page 8

WEDNESDAY, MAY 2, 1990

ESTATE DUTY (AMENDMENT) BILL 1990 INTRODUCED

* * * * * *

то SEEKS TO THE TAXATION CONCESSIONS PROPOSED INTRODUCED INTO THE LEGISLATIVE COUNCIL

WHICH

GIVE IN THIS TODAY

1990, THE ESTATE DUTY (AMENDMENT) BILL LEGISLATIVE EFFECT YEAR'S BUDGET, WAS (WEDNESDAY).

MOVING THE SECOND READING OF THE BILL, THE FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS, SAID THE BILL INCLUDED EXEMPTION FROM ESTATE DUTY FOR ALL DEATH BENEFITS ARISING FROM APPROVED RETIREMENT SCHEMES,

DUTY

FROM EXEMPTION LIMIT

$2 MILLION AN INCREASED ESTATE

ΤΟ $4 WITH A NEW MILLION AND REPLACEMENT OF THE PRESENT SCHEDULE OF RATES

BETWEEN $4 MILLION AND SCHEDULE SCALED FROM SIX PER CENT ON ESTATE $4.5 MILLION TO 18 PER CENT ON ESTATES OVER $5 MILLION.

"THE COST TO GENERAL REVENUE OF THE IS ESTIMATED TO BE $50 MILLION IN SAID.

IMPLEMENTING THESE PROPOSALS CURRENT FINANCIAL YEAR,

HE

DEBATE ON THE BILL WAS ADJOURNED.

FS MOVES SECOND READING OF

SECURITIES (DISCLOSURE OF INTERESTS) AMENDMENT BILL

AMEND

THE

(DISCLOSURE SECURITIES (DISCLOSURE

OF

INTERESTS)

OF

IN

THE MAIN PURPOSE OF THE SECURITIES

ΤΟ (AMENDMENT) BILL 1990 IS INTERESTS) ORDINANCE IN ORDER TO IMPROVE THE NOTIFICATION PROCEDURES

STOCK EXCHANGE OF HONG KONG LTD AND TO GRANT IMMUNITY TO THE

THE BONA FIDE PERFORMANCE OF ITS RFLATION TO

DUTIES UNDER THE THE FINANCIAL SECRETARY, THE HON ORDINANCE,

SIR PIERS JACOBS,

SAID

TODAY (WEDNESDAY).

OF THE BILL IN

THE LEGISLATIVE TAKEN TO MAKE

MOVING THE SECOND READING COUNCIL, SIR PIERS SAID THE OPPORTUNITY HAD ALSO BEEN TWO MINOR AMENDMENTS TO THE ORDINANCE.

HE POINTED OUT THAT THE ORDINANCE IMPOSED CERTAIN DISCLOSURE

OF IN SHARES

SUBSTANTIAL REQUIREMENTS IN RELATION TO THE INTERESTS

OF DIRECTORS SHAREHOLDERS AND THE INTERESTS IN SHARES AND DEBENTURES AND CHIEF EXECUTIVES OF LISTED COMPANIES INCORPORATED IN HONG KONG.

THE LISTED

"ANY SUCH INTERESTS ARE REQUIRED TO BE NOTIFIED TO COMPANY CONCERNED WITHIN FIVE DAYS OF THE OBLIGATION ARISING.

THE CONCLUSION OF "THE COMPANY, IN TURN, IS GIVEN UNTIL FOLLOWING DAY TO REPORT THE INFORMATION TO THE STOCK EXCHANGE AND SECURITIES AND FUTURES COMMISSION.

THE

THE

/"THE STOCK