XN000022-1991-01-08 — Page 2

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TUESDAY, JANUARY 8, 1991

GOVT LOOKING INTO INNOVATIVE WAYS OF RAISING REVENUE

TAX SALARIES

THE GOVERNMENT IS CONCERNED TO ENSURE THAT ITS OVERALL PUBLIC REVENUE DOES NOT REMAIN SO HEAVILY RELIANT ON

AND

BUSINESS PROFITS

THE SECRETARY FOR THE TREASURY, MR HAMISH MACLEOD, SAID THIS (TUESDAY) EVENING.

TAX,

MR SPEAKING AT THE ANNUAL DINNER OF THE HONG KONG TOYS COUNCIL, MACLEOD SAID THESE TWO DIRECT TAXES ARE SO SENSITIVE BOTH TO HONG HAVE KONG'S OWN ECONOMY AND THAT OF THE WORLD AT LARGE, OVER WHICH WE NO CONTROL.

N

"THIS HAS

INNOVATIVE SPURRED US TO KEEP LOOKING AT RAISING REVENUE, HE SAID.

WAYS OF

"ONE IDEA WHICH HAS BEEN MOOTED IS A PREMIUM BOND' SCHEME UNITED ALONG THE LINES OF THE ONE WHICH HAS BEEN SO SUCCESSFUL IN THE KINGDOM FOR THE PAST 30 YEARS OR so.

"IT IS, IN FACT, A KIND OF SOFT GOVERNMENT BORROWING THAT KONG PEOPLE MIGHT ACCEPT AS WORTHWHILE TO PARTICIPATE IN, AND FUN.

HONG

"LET

ME MAKE IT CLEAR, THOUGH, THAT THIS IS NOT ON THE FOR THIS YEAR'S BUDGET.

AGENDA:

BUY

"WHAT HAPPENS UNDER THE SCHEME IS THAT MEMBERS OF THE PUBLIC

$100. SAY A BOND FROM THE GOVERNMENT AT A FACE VALUE OF, BONDS CAN BE REDEEMED AT THEIR FACE VALUE AT ANY TIME AS LONG AS HAVE BEEN HELD FOR AT LEAST FOUR MONTHS.

THE

THEY

"THERE IS NO INTEREST PAID DIRECTLY ON THE BOND.

THE GOVERNMENT HOLDS

PROCEEDS OF ALL SALES, AND PUTS INTEREST BARNED ON THE MONEY BACK INTO A PRIZE FUND.

++

BONDS AN

INSTEAD,

THE

PART OF

THE

PRIZES ARE DRAWN ON THE BASIS OF THE BOND NUMBERS ONCE A WEEK. PRIZES

INTERESTING WOULD BE LARGE ENOUGH TO MAKE THE PROPOSITION TO MOST HONG KONG PEOPLE.'

THE

"T

MR MACLEOD STRESSED THAT THIS IS NOT A FORM OF GAMBLING, ADDING 19 THAT UNLIKE THE MARK SIX LOTTERY, THE AMOUNT INVESTED IN THE BOND NEVER LOST: IT IS ALWAYS REDEEMABLE IN FULL, WHETHER THE BOND WINS PRIZE OR NOT.

SAME

A

AGAIN:

IT

NOT

ΤΟ

"AND THE

OVER BOND CAN WIN PRIZES OVER AND ALWAYS FORMS PART OF THE DRAW AS LONG AS THE HOLDER DECIDES REDEEM IT, HE SAID.

MR

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PROFITS PERFORMANCE

MACLEOD POINTED OUT THAT SALARIES TAX AND BUSINESS TAX ARE, OF COURSE, ALWAYS HOSTAGE TO CONTINUE EXCELLENT BY THE BUSINESS SECTOR.

ΓΙ

"THANKFULLY, THERE ARE NO SIGNS OF ANY DIRE HAPPENINGS ON FRONT IN THE NEAR FUTURE, HE ADDED.

THAT

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