XN000022-1991-12-04 — Page 13

WEDNESDAY, DECEMBER 4,

1991

12

ACTIVITY

OF

THE EFFECT AND PUBLIC CONCERN OVER SPECULATIVE SPECULATION ON INFLATION HAVE BEEN LARGELY CONFINED TO THE RESIDENTIAL PROPERTY MARKET. NON-RESIDENTIAL PROPERTY IS THEREFORE EXEMPTED THE NEW PROVISIONS.

FROM

OF SPECULATIVE KEEP THIS

"BUT TO THE EXTENT THAT THERE ARE INDICATIONS ACTIVITY IN THE COMMERCIAL OFFICE SECTOR, WE WILL NEED TO SITUATION UNDER REVIEW, HE SAID.

THE SECRETARY POINTED OUT THAT THE BILL ALSO SOUGHT TO CLOSE AN EXISTING TAX AVOIDANCE LOOPHOLE.

TRANSFERS COMPANY'S

THE LOOPHOLE IS EXPLOITED WHERE A PERSON SETS UP A COMPANY, THE MAIN OR ONLY ASSET OF WHICH IS IMMOVABLE PROPERTY, AND THEN PART OR ALL OF HIS INTEREST IN THAT PROPERTY BY SELLING HIS SHARES.

THESE TRANSACTIONS NOW ATTRACT STAMP DUTY AT THE CONTRACT RATE, WHICH IS MUCH LOWER THAN THAT PAYABLE ON PROPERTY CONVEYANCE.

AGREEMENTS

NOTE

FOR EXPLOITATION OF THIS

MR YEUNG SAID THE IMPOSITION OF STAMP DUTY ON SALE AND PURCHASE MAY ENCOURAGE EVEN GREATER LOOPHOLE.

SAID THE BILL OF SUCH

ΤΟ DISCOURAGE THIS FORM OF TAX AVOIDANCE, HE WOULD FIX THE STAMP DUTY TO BE PAID ON THE SALE OR PURCHASE SHARES AT THE HIGHER CONVEYANCING RATE.

THIS

DEVICE

MEANS THAT

"LAND-HOLDING THIS PARTIES USING WOULD BE LIABLE TO

FOR PAY $27.50

EVERY $1,000 CONSIDERATION INVOLVED IN THE TRANSACTION, AS OPPOSED TO THE CONTRACT NOTE LEVEL OF $5 PER THOUSAND.

COMPANY"

OF THE PRESENT

DEBATE ON THE BILL WAS ADJOURNED.

-

BILL TO BRING PORNO VIDEOTAPES AND PUBLICATIONS

UNDER SAME LEGISLATIVE CONTROLS

*

FOR

SALE AND RENTING CONTROLS UNDER THE WAS INTRODUCED

A BILL TO PUT FILMS WHICH ARE INTENDED RATHER THAN SIMPLY FOR EXHIBITION UNDER THE SAME CONTROL OF OBSCENE AND INDECENT INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

ARTICLES

ORDINANCE

RECREATION ΤΟ PLUG AN EXISTING WITH UNDER THE NOT SUBJECT TO

ORDINANCE,

OR LASER

SECOND MOVING THE

READING OF THE CONTROL OF OBSCENE AND INDECENT ARTICLES (AMENDMENT) BILL 1991, THE SECRETARY FOR AND CULTURE, MR JAMES SO, SAID THE BILL SOUGHT LOOPHOLE IN THE LAW WHERE FILMS WHICH HAD BEEN DEALT

CHAPTER

WERE 392, FILM CENSORSHIP ORDINANCE, PROVISIONS OF THE CONTROL OF OBSCENE AND INDECENT ARTICLES WHEN THEY WERE BEING DISTRIBUTED IN THE FORM OF VIDEOTAPES DISCS.

THE

"AS A