XN000022-1992-01-29 — Page 22

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WEDNESDAY, JANUARY 29, 1992

"A SUCCESSFUL LAUNCH MAY ATTRACT MORE MULTILATERAL AGENCIES IN HONG KONG.

FIRST CLASS ISSUES BY

KONG

KONG'S

"THIS WILL IN TURN HELP TOWARDS THE EXPANSION OF THE HONG

HONG PROMOTE FURTHER DOLLAR CAPITAL MARKETS, AND SO

" MR YEUNG SAID. DEVELOPMENT AS AN INTERNATIONAL FINANCIAL CENTRE,

DEBATES ON THE BILLS WERE ADJOURNED.

STAMP DUTY (AMENDMENT) BILL 1992 INTRODUCED

A BILL TO EXEMPT INSTRUMENTS OF TRANSFER IN RESPECT OF SHARES REGISTERED OR DEPOSITED IN A RECOGNISED CLEARING HOUSE FROM HAVING TO BE ENDORSED AND FROM PAYMENT OF STAMP DUTY ON TRANSFER WAS INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

MOVING THE SECOND READING OF THE STAMP DUTY (AMENDMENT) BILL 1992, THE SECRETARY FOR THE TREASURY, MR YEUNG KAI-YIN, SAID THE BILL CONTAINED TWO MAIN PROVISIONS.

BROKER, FIRST, IT WOULD REMOVE THE NEED FOR A

WHEN

BY SALE OR PURCHASE OF STOCK HELD

A RECOGNISED CLEARING ENDORSE THE INSTRUMENT OF TRANSFER TO THE EFFECT THAT STAMP BEEN PAID ON THE RELEVANT CONTRACT NOTE.

MAKING HOUSE

A

TO-

DUTY HAS

BILL

SECONDLY, BY EXEMPTING SUCH TRANSFER DEEDS FROM DUTY, THE WOULD PROVIDE AN INCENTIVE FOR SETTLEMENTS TO BE EFFECTED THROUGH A RECOGNISED CLEARING HOUSE.

TO CLARIFY EXISTING EXEMPTED FROM STAMP CHINESE MEMBERS OF THE INTERNATIONAL

MR YEUNG SAID THE BILL ALSO SOUGHT PROVISIONS OF THE STAMP DUTY ORDINANCE, WHICH DUTY PERSONS BUYING PROPERTIES ON BEHALF OF THE JOINT LIAISON GROUP AND THE LAND COMMISSION, COMMITTEE OF THE RED CROSS, AND THE CHINESE VISA OFFICE.

SUBMITTING

IN ADDITION, THE BILL WOULD EXTEND THE PERIOD FOR REPORTS TO THE COLLECTOR OF STAMP REVENUE BY USERS OF LICENSED FRANKING MACHINES FROM ONCE A WEEK TO ONCE A MONTH.

TRANSFERS

NOTIONAL

"THE EXEMPTION FROM STAMP DUTY OF RECOGNISED CLEARING HOUSE WOULD INVOLVE A BETWEEN $6 MILLION AND $20 MILLION A YEAR," HE SAID.

REGISTERED REVENUE

IN LOSS

A

OF

DEBATE ON THE BILL WAS ADJOURNED.

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