XN000022-1990-11-14 — Page 4

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WEDNESDAY, NOVEMBER 14, 1990

OF INLAND

FOR THE CONVENIENCE OF TAXPAYERS, THE COMMISSIONER REVENUE CURRENTLY OPERATES AN ADMINISTRATIVE ADVANCED RULING PROCEDURE

UNDER TRANSACTIONS.

THIS IN RESPECT OF PROPOSED LEVERAGED LEASE

RULING AS ΤΟ PROCEDURE THE COMMISSIONER, ON APPLICATION, GIVES A WHETHER HE CONSIDERS A PROPOSED TRANSACTION IS LIKELY TO BE CHALLENGED 6 LA UNDER THE GENERAL ANTI-AVOIDANCE PROVISIONS CONTAINED IN SECTION OF THE INLAND REVENUE ORDINANCE. A NUMBER OF APPLICATIONS FOR ADVANCE CLEARANCE ARE NOW BEING CONSIDERED BY THE COMMISSION/R, AND THESE WILL EXISTING LAW AND PRACTICE. IN ACCORDANCE WITH THE BE CONSIDERED

AFTER TODAY, SUBMITTED

THE HOWEVER, IN CONSIDERING APPLICATIONS

AS IN THE COMMISSIONER WILL HAVE REGARD TO THE PROPOSED LEGISLATION.

WAY AFFECT A PAST, THE ISSUE OF AN ADVERSE RULING WILL NOT IN ANY

AGAINST ANY SUBSEQUENT RIGHT OF OBJECTION AND TAXPAYER'S ASSESSMENT.

APPEAL

THESE MEASURES WILL HELP STEM A MAJOR HAEMORRHAGE AFFECTING THE

REVENUE. I MIGHT ADD THAT SIMILAR MEASURES HAVE BEEN USED PUBLIC OTHER TAX JURISDICTIONS.

IN

NOTE TO EDITORS:

FOLLOW-UP ENQUIRIES

SECRETARY'S FINANCIAL ON THE

STATEMENT

SHOULD BE MADE WITH THE COMMISSIONER OF INLAND REVENUE, MR ANTHONY AU- YEUNG OR SENIOR ASSESSOR, MR GARY LAIRD (TEL. 894 5001, 895 2116) WITH MR STEPHEN SELBY OF THE FINANCE BRANCH (TEL. 810 2370).

OR

LOCAL EFFORTS TO REDUCE OZONE DEPLETION

THE GOVERNMENT IS EXPLORING WAYS TO STRENGTHEN TO REDUCE OZONE DEPLETION, FOLLOWING THE MEETING OF THE PARTIES TO THE MONTREAL DEPLETE THE OZONE LAYER.

LOCAL EFFORTS CONCLUSIONS OF THE SECOND PROTOCOL ON SUBSTANCES THAT

FOR SECRETARY

PLANNING, ENVIRONMENT TODAY

COUNCIL

THIS WAS STATED BY THE

THE LEGISLATIVE AND LANDS, THE HON GRAHAM BARNES, IN (WEDNESDAY) IN REPLY TO A QUESTION BY THE HON PETER WONG.

OF THE MR BARNES SAID: "THE CONCLUSIONS OF THE SECOND MEETING

OZONE PARTIES TO THE MONTREAL PROTOCOL IN SUBSTANCES THAT DEPLETE THE

THAT THE PHASING LAYER REFLECT AND CODIFY A CONSENSUS OF SOME YEARS

SHOULD BE ACCELERATED AND THAT OUT OF CHLOROFLUOROCARBONS (CFC'S)

CHLOROFORM SHOULD BE AND METHYL HALONS AND CARBON BROUGHT INTO THE NET.

TETRACHLORIDE

/"AT THE