XN000022-1991-01-23 — Page 18

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WEDNESDAY, JANUARY 23, 1991

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NO PLAN AT PRESENT TO RESTRICT ACCESS TO AIRPORT BUILDING

IN RESPONSE TO ENQUIRIES CONCERNING PRESS REPORTS THAT ACCESS TO THE AIRPORT BUILDING WOULD BE RESTRICTED AS A SECURITY MEASURE, A GOVERNMENT SPOKESMAN MADE THE FOLLOWING STATEMENT TODAY (WEDNESDAY):

BREN

'ALTHOUGH OBVIOUSLY SECURITY MEASURES AT THE AIRPORT HAVE TIGHTENED IN THE LIGHT OF DEVELOPMENTS IN THE GULF, THERE IS NO PLAN AT PRESENT TO RESTRICT ACCESS TO THE AIRPORT BUILDING ΤΟ ONLY THOSE HOLDING VALID AIR TICKETS OR PERMITS.

"AS HAD BEEN POINTED OUT, ALL THE NECESSARY PRECAUTIONS WHICH NEEDED TO BE TAKEN IN THE AIRPORT HAVE ALREADY BEEN TAKEN.

"IF AND WHEN ADDITIONAL SECURITY MEASURES ARR CONSIDERED NECESSARY IN FUTURE WHICH MIGHT AFFECT THE PUBLIC, OFFICIAL ANNOUNCEMENTS WILL BE MADE TO GIVE THE PUBLIC ADEQUATE NOTICE."

14

TAX RELIEF FOR UNIT TRUSTS AND MUTUAL FUND PROPOSED

THE GOVERNMENT IS INTRODUCING A BILL WHICH SEEKS TO FURTHER TAX RELIEF FOR AUTHORISED UNIT TRUSTS AND SIMILAR TAX FOR AUTHORISED MUTUAL FUND, A GOVERNMENT SPOKESMAN SAID

(WEDNESDAY).

PROVIDE

RELIEF TODAY

THE INLAND REVENUE (AMENDMENT) (NO.2) BILL 1991, IF PASSED BY THE LEGISLATIVE COUNCIL, WILL FURTHER EXEMPT AUTHORISED UNIT TRUSTS FROM PROFITS TAX ON THOSE PROFITS FROM BILLS OF EXCHANGE, FOREIGN EXCHANGE CONTRACTS AND FUTURES CONTRACTS, AND EXEMPT AUTHORISED MUTUAL FUND CORPORATIONS ON THE SAME BASIS AS AUTHORISED UNIT TRUSTS.

PROFITS ON THE DISPOSAL OF RECEIVED BY TRUSTEES OF A UNIT TRUST ARE

UNDER EXISTING LEGISLATION, SECURITIES AND INTEREST EXCLUDED FROM PROFITS TAX.

IN

OF

UNIT

IN THE 1990/91 BUDGET SPEECH THE FINANCIAL SECRETARY RESPONSE TO THE SECURITIES INDUSTRY AGREED TO WIDEN THE DEFINITION "SECURITIES" IN THE INLAND REVENUE ORDINANCE, AND TO EXEMPT AUTHORISED MUTUAL FUND CORPORATIONS IN A SIMILAR MANNER ΤΟ AUTHORISED TRUSTS.

THE

"AUTHORISED MUTUAL FUND CORPORATIONS SHOULD BE ACCORDED SAME TREATMENT AS AUTHORISED UNIT TRUSTS BECAUSE BOTH ARE IDENTICAL IN SUBSTANCE, ALTHOUGH DIFFERING IN LEGAL FORM," THE SPOKESMAN SAID.

HE

PROFITS

TAX

ADDED THAT UNTIL RECENTLY, MUTUAL FUND CORPORATIONS WERE NOT WIDELY USED AS INVESTMENT VEHICLES AND THUS POSITION WAS NOT CONSIDERED..

THEIR

/"THERE SHOULD