XN000022-1991-05-02 — Page 5

THURSDAY, MAY 2, 1991

MR TSAO NOTED THAT

STEADILY DUB ΤΟ

TENANCIES WAS OWNERS, FRESH

THE NUMBER

CONTROLLED OF REPOSSESSION BY THE LETTINGS AT MARKET RENTS, DEMOLITION FOR REDEVELOPMENT AND SO ON.

DIMINISHING

REVIEW OF LANDLORD HE RECALLED THAT IN 1981 THE COMMITTEE OF

THINGS, AND TENANT (CONSOLIDATION) ORDINANCE RECOMMENDED, AMONG OTHER

THE PHASING OUT THAT RENTS SHOULD BE DECONTROLLED BUT OBSERVED THAT

THAT SOCIAL DISRUPTION OF CONTROLS SHOULD BE SUBJECT TO THE PROVISO

AND THE INTENTION AND THIS REMAINED THE AND HARDSHIP BE AVOIDED POLICY OF THE GOVERNMENT.

OF CLOSING

BETWEEN

GAP THE HOWEVER THIS DECLARED OBJECTIVE CONTROLLED AND MARKET RENTS CONTINUED TO BE FRUSTRATED LARGELY DUE TO THE ONGOING AND RELATIVELY RAPID RISE IN MARKET RENTS IN RECENT YEARS, HE SAID.

RENT IN THE

AS AT JANUARY 1 THIS YEAR THE AVERAGE CONTROLLED CONTEXT OF PART II PREMISES WAS ABOUT 62 PER CENT OF THE MARKET LEVEL.

WHERE I PREMISES

THE CURRENT PART WITH THIS COMPARES PERMITTED RENT IS SOME 65 PER CENT OF THE PREVAILING MARKET RENT.

AVERAGE

TAX AUDIT ENCOURAGES GREATER COMPLIANCE

THE MAIN GOAL OF INTRODUCING TAX AUDIT IS TO ENCOURAGE COMPLIANCE, THE COMMISSIONER OF INLAND REVENUE, MR ANTHONY SAID TODAY (THURSDAY).

DISCUSSED

GREATER AU-YEUNG,

KONG

MR AU-YEUNG WAS ADDRESSING A LUNCHEON MEETING OF THE HONG

IN DETAILS ISSUES IN WHICH HE SOCIETY OF ACCOUNTANTS ASSOCIATED WITH TAX AUDIT.

FOR THE USED ELSEWHERE

HE SAID THAT ALTHOUGH TAX AUDIT WAS A NEW INITIATIVE TAX ADMINISTRATION IN HONG KONG, IT HAD BEEN WIDELY WITH GOOD RESULTS.

NOW THE OUT THAT UP UNTIL MR AU-YEUNG POINTED ASSESSING APPROACH OF CHECKING THE ACCURACY OF TAX RETURNS THE STANDARD METHOD OF DETERMINING THE REVENUE COLLECTED.

"THIS

TRADITIONAL HAD BEEN

QUALITY

A

CONTROL ESSENTIALLY IS WHICH APPROACH

TAXPAYERS, HAS EXAMINATION OF THE FINANCIAL INFORMATION PROVIDED BY

COMPLIANCE WITH PROVED NOT TO BE THE MOST EFFECTIVE WAY OF ENSURING

AND EXPERIENCE, OVERSEAS

STUDIES THE LAW, HE SAID, ADDING THAT

CONFIRMED THAT CARRIED OUT BY THE INLAND REVENUE DEPARTMENT (IRD), THERE WERE DISCLOSURE PROBLEMS.

"

MUCH WITH

THE COMMISSIONER SAID THE IRD WAS CONCERNED NOT SO WHAT WAS REPORTED IN THE RETURNS, IT WAS MORE WORRIED ABOUT WHAT BEEN OMITTED, OVERCLAIMED OR INCORRECTLY CLASSIFIED.

HAD

/THE GOVERNMENT