XN000022-1991-05-15 — Page 21

WEDNESDAY, MAY 15, 1991

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BILL TO EXEMPT BONDS FROM STAMP DUTY INTRODUCED

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TO AMEND ORDER

то

THE STAMP DUTY (AMENDMENT) (NO. 2) BILL 1991 SEEKS THE DEFINITION OF "STOCK" IN THE STAMP DUTY ORDINANCE IN EXEMPT BONDS ISSUED UNDER THE LOANS ORDINANCE FROM STAMP DUTY,

FINANCIAL THE

SECRETARY, THE HON SIR PIERS JACOBS, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

MOVING THE SECOND READING OF THE BILL, SIR PIERS SAID THIS WAS IN LINE WITH THE GOVERNMENT'S PREVIOUS PRACTICE THAT SUCH EXEMPTION WAS ALLOWED FOR GOVERNMENT BONDS AND THE EXCHANGE FUND BILLS.

POTENTIAL LOSS TO REVENUE RESULTING FROM THE EXEMPTION COULD NOT BE ESTIMATED AT THIS STAGE, BUT IT WAS NOT EXPECTED TO BE SIGNIFICANT, SIR PIERS SAID.

HE ADDED THAT THE BILL HAD NO STAFFING IMPLICATIONS.

DEBATE ON THE BILL WAS ADJOURNED.

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INLAND REVENUE (AMENDMENT) (NO. 4) BILL INTRODUCED

THE INLAND REVENUE (AMENDMENT) (NO. 4) BILL 1991 SEEKS TO EXEMPT FROM TAX ANY INTEREST OR PROFITS ARISING FROM BONDS ISSUED UNDER THE LOANS ORDINANCE.

MOVING THE BILL FOR SECOND READING IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY), THE FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS, SAID THIS WAS IN LINE WITH THE PREVIOUS PRACTICE THAT SUCH EXEMPTIONS WERE ALLOWED FOR GOVERNMENT BONDS AND THE EXCHANGE FUND BILLS.

"POTENTIAL LOSS TO REVENUE RESULTING FROM PROFITS TAX EXEMPTIONS CANNOT BE ESTIMATED AT THIS STAGE, BUT IT IS NOT EXPECTED TO BE SIGNIFICANT.

"THE BILL HAS NO STAFFING IMPLICATIONS," SIR PIERS ADDED.

DEBATE ON THIS BILL WAS ADJOURNED.

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