XN000022-1992-01-29 — Page 21

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WEDNESDAY, JANUARY 29, 1992

MRS CHAN POINTED OUT THAT BASED ON THE CURRENT FORECASTS OF AIR TRAFFIC GROWTH AND PRESENT TECHNOLOGY, IT WAS ESTIMATED THAT FURTHER TERRAIN CUTS ON NORTH LANTAU AND TAI LAM COUNTRY PARK WERE UNLIKELY TO BE REQUIRED UNTIL 2005 AND 2015 RESPECTIVELY.

"NO FACTOR IS MORE IMPORTANT THAN SAFETY IN THE PLANNING AND OPERATION OF AN AIRPORT," MRS CHAN SAID.

ΤΟ

OF

SHE POINTED OUT THAT THE NEW AIRPORT HAD BEEN PLANNED OPERATE IN ACCORDANCE WITH THE STANDARDS AND RECOMMENDED PRACTICES THE INTERNATIONAL CIVIL AVIATION ORGANISATION (ICAO) AND IT WAS DESIGNED TO MEET THE FORECAST DEMAND UP TO THE YEAR 2040.

"RECOGNISING THAT THE AVIATION INDUSTRY IS A DYNAMIC INDUSTRY IN TERMS OF TECHNOLOGICAL CHANGE, NEW AIRCRAFT TYPES AND SIZES, AND DEMAND FOR NEW SERVICES, VERY CLOSE ATTENTION HAS BEEN PAID AND WILL CONTINUE TO BE PAID TO DESIGNING AN AIRPORT CAPABLE OF ADAPTING TO FUTURE CIRCUMSTANCES," MRS CHAN SAID.

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BILLS TO EXEMPT CERTAIN DEBT INSTRUMENTS FROM PROFITS TAX, STAMP DUTY

TWO BILLS WHICH SOUGHT TO EXEMPT HONG KONG DOLLAR DENOMINATED DEBT INSTRUMENTS ISSUED BY CREDIT-WORTHY MULTILATERAL AGENCIES FROM STAMP DUTY AND PROFITS TAX WERE INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

THE BILLS WERE THE INLAND REVENUE (AMENDMENT) BILL 1992 AND THE STAMP DUTY (AMENDMENT) (NO. 2) BILL 1992.

MOVING THE SECOND READING OF THE BILLS, THE SECRETARY FOR THE TREASURY, MR YEUNG KAI-YIN, SAID THEY CONFINED THE EXEMPTIONS TO FOUR MULTILATERAL AGENCIES THE ASIAN DEVELOPMENT BANK, THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT, THE INTERNATIONAL FINANCE CORPORATION AND THE EUROPEAN INVESTMENT BANK.

THE BILLS ALSO PROVIDE THAT ADDITIONS MAY BE MADE TO THE LIST OF EXEMPTED AGENCIES BY RESOLUTION OF THE LEGISLATIVE COUNCIL.

GOVERNMENT

AT PRESENT, YIELDS FROM HONG KONG DOLLAR DENOMINATED DEBT INSTRUMENTS, WITH THE EXCEPTION OF EXCHANGE FUND BILLS AND BONDS, ARE LIABLE BOTH TO PROFITS TAX AND STAMP DUTY.

HAD

ONLY THE PREVIOUSLY

MR YEUNG SAID OF THE FOUR EXEMPTED AGENCIES, INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ISSUED HONG KONG DOLLAR BONDS IN THE TERRITORY,

BILL 1992

THE INTRODUCTION OF THE INLAND REVENUE (AMENDMENT} WAS PARTICULARLY TIMELY BECAUSE THE ASIAN DEVELOPMENT BANK HAD SCHEDULED THE SIGNING CEREMONY FOR ITS FIRST HONG KONG DOLLAR BOND ISSUE AT THE BANK'S ANNUAL MEETING IN HONG KONG IN MAY, HE SAID.

/"A SUCCESSFUL

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