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WEDNESDAY, FEBRUARY 27, 1991
"REPRESENTATIONS HAVE BEEN RECEIVED CALLING FOR THE EXTENSION OF THE RELEIF TO AUTHORISED MUTUAL FUND CORPORATIONS, AND ALSO THE WIDENING OF THE DEFINITION OF 'SECURITIES'.
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AFTER CONSULTATION WITH THE INDUSTRY, THE ADMINISTRATION ACCEPTED BOTH PROPOSALS, AND THE FINANCIAL SECRETARY SAID HE HAD INDICATED IN HIS 1990/91 BUDGET SPEECH THAT HE WOULD INTRODUCE SUITABLE LEGISLATION INTO THE LEGISLATIVE COUNCIL TO EFFECT THESE
CHANGES.,
"MUTUAL FUND CORPORATIONS AND UNIT TRUSTS, ALTHOUGH DIFFERING IN FORM, ARE IDENTICAL IN SUBSTANCE.
"THEY OPERATE AND ARE MANAGED IN SUBSTANTIALLY THE SAME MANNER, AND BOTH ARE SUBJECT TO THE SAME SCRUTINY BY THE SECURITIES AND FUTURES COMMISSION.
"WITH THE INCREASING USE OF MUTUAL FUND CORPORATIONS AS INVESTMENT VEHICLES, THE ADMINISTRATION CONSIDERS THAT THEY SHOULD BK ACCORDED THE SAME TREATMENT AS UNIT TRUSTS," SIR PIERS SAID.
AS TO "SECURITIES" THE FINANCIAL SECRETARY SAID THE BILL PROPOSED TO EXTEND THE DEFINITION TO INCLUDE BILLS OF EXCHANGE, FOREIGN EXCHANGE CONTRACTS AND FUTURES CONTRACTS,
PROFITS ARISING FROM REDEMPTION OR DISPOSAL OF THESE INSTRUMENTS WOULD NOT BE TAXABLE, HE ADDED.
COMMISSION AND THE
SIR PIERS SAID THE SECURITIES AND FUTURES JOINT LIAISON COMMITTEE ON TAXATION HAD BEEN CONSULTED AND HAD ENDORSED THE PROPOSED AMENDMENTS.
"THE FULL YEAR COST TO THE REVENUE OF EXEMPTION HAS BEEN ESTIMATED TO BE $25 MILLION,
DEBATE ON THE BILL WAS ADJOURNED.
GRANTING THE PROPOSED
HE SAID.
BILL TO REMOVE DOUBTS ON VALUATION PRACTICE ON RATEABILITY OF PLANT INTRODUCED
THE RATING (AMENDMENT)(NO. 2)BILL 1991 SEEKS TO ENSURE THAT THE TWO EXISTING COMMISSIONER OF RATING AND VALUATION CAN CONTINUE WITH PRACTICES REGARDING THE RATEABILITY OF PLANT FOR A UTILITY COMPANY.
FIRSTLY, THE COMMISSIONER CAN INCLUDE IN RATING ASSESSMENTS THE LINES AND VALUE OF PLANT SUCH AS CABLES AND DUCTS, RAILWAY AND TRAM
SUCH SYSTEM
AS OIL TANKS AND SECONDLY, THE COMMISSIONER CAN VALUE A
A UTILITY COMPANY A9 A THE GENERATION AND DISTRIBUTION NETWORK OF SINGLE RATEABLE UNIT.
/THE FINANCIAL
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