XN000022-1992-01-14 — Page 14

13

TUESDAY, JANUARY 14, 1992

ENSURE

THE

LEGAL

CONFORMITY

AND

INTERNAL

FURTHER WORK TO CONSISTENCY OF THE FINAL ACT DOCUMENT; AND

FURTHER WORK UNDER THE TNC TO SEE WHETHER AND IF IT IS POSSIBLE ADJUST THE RESULT IN CERTAIN SPECIFIC PLACES.

THE INTENTION IS TO COMPLETE ALL WORK ON THESE FOUR MARCH/APRIL THIS YEAR.

TO

TRACKS BY

AT THE MEETING BY MR IN AGREEING TO THE WORK PLAN OUTLINED

PROVISIONAL DUNKEL, MR TSANG SAID THE HONG KONG GOVERNMENT HAD MADE A ASSESSMENT OF THE DRAFT FINAL ACT DOCUMENT.

WHICH WILL "WHILE THERE ARE POSITIVE ELEMENTS IN THE DOCUMENT

EXPANSION OF WORLD TRADE, LIBERALISATION AND BRING ABOUT FURTHER

WHICH HONG KONG FEELS STRONGLY AGAINST ALSO ELEMENTS THERE ARE

ON QUOTA MODULATION, INCLUDING THE PROPOSAL IN THE SAFEGUARDS TEXT HE SAID.

PT

ANY ADJUSTMENT TO PLAN SHOULD BE LIBERALISATION

MR TSANG ALSO STRESSED AT THE MEETING THAT THE CURRENT TEXTS UNDER THE FOURTH TRACK OF THE WORK

FURTHER CONFINED TO THOSE AREAS WHICH WOULD RESULT IN OF TRADE AND IN STRENGTHENING OF THE GATT PRINCIPLES.

"ANY

SUCH NEGOTIATION

PROCESS

SHOULD HE ADDED.

BE TRANSPARENT

AND

SUBJECT TO MULTILATERAL MONITORING,"

BILLS TO EXEMPT PROFITS TAX AND STAMP DUTY FOR CERTAIN DEBT INSTRUMENTS

* * * * *

HONG

THE

ISSUED

TO

BY

EXEMPT CERTAIN

A

GOVERNMENT WILL INTRODUCE TWO BILLS WHICH SEEK KONG

DENOMINATED DEBT INSTRUMENTS DOLLAR MULTILATERAL AGENCIES FROM PROFITS TAX AND STAMP DUTY RESPECTIVELY, GOVERNMENT SPOKESMAN SAID TODAY (TUESDAY)}.

DUTY {JANUARY

STAMP REVENUE (AMENDMENT) BILL 1992 AND THE

FRIDAY (NO. 2) BILL 1992 WILL BE GAZETTED THIS

INLAND THE

( AMENDMENT) 17).

ORDINANCE DEBT FROM PROFITS

THE FIRST BILL PROPOSES TO AMEND THE INLAND REVENUE EXEMPT INTEREST OR PROFITS FROM HONG KONG DOLLAR DENOMINATED ISSUED BY SPECIFIED MULTILATERAL AGENCIES INSTRUMENTS

то

TAX.

"ANY REQUEST FOR EXEMPTION BY MULTILATERAL AGENCIES CONSIDERED ON AN AGENCY-BY-AGENCY BASIS, THE SPOKESMAN SAID.

THE PRESENT BILL

44

WILL BE

FOR FOUR

BANK

SUCH

FOR

SEEKS TO PROVIDE EXEMPTION AGENCIES:

BANK; THE ASIAN DEVELOPMENT

THE INTERNATIONAL RECONSTRUCTION AND DEVELOPMENT (COMMONLY KNOWN AS THE WORLD BANK); THE INTERNATIONAL FINANCE CORPORATION, AND THE EUROPEAN INVESTMENT BANK.

/IT IS