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STAMP DUTY ON STOCK TRANSFERS
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WEDNESDAY, MARCH 4, 1992
THE FINANCIAL SECRETARY PROPOSED TO LOWER THE STAMP DUTY ON STOCK TRANSFERS TO 0.4%.
MR
OF THE
MACLEOD POINTED OUT THAT LAST YEAR, IN RECOGNITION WORLD-WIDE TREND TOWARDS ELIMINATING THE DUTY ON STOCK TRANSFERS, OVERALL CONTRACT NOTE DUTY WAS LOWERED FROM 0.6% TO 0.5%.
"THIS YEAR, I PROPOSE TO CONTINUE THIS PROCESS BY A FURTHER REDUCTION то 0.4% TO HELP TO MAINTAIN THE COMPETITIVENESS OF HONG KONG'S SECURITIES MARKET.
"THIS WILL COST THE REVENUE $400 MILLION A YEAR. I EXPECT THE INDUSTRY ΤΟ PASS ON THE FULL BENEFIT TO INVESTORS. THEIR RESPONSE WILL INFLUENCE OUR ATTITUDE IN FUTURE YEARS,' HE SAID.
H
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REVENUE PROTECTION ON DUTIABLE COMMODITIES TO TAKE IMMEDIATE EFFECT
THE FINANCIAL SECRETARY'S PROPOSALS ON DUTIABLE COMMODITIES INTO EFFECT TODAY (WEDNESDAY) UNDER APPROPRIATE PUBLIC REVENUE PROTECTION ORDERS.
CAME
UNDER SIMILAR AUTHORITY, THE FINANCIAL SECRETARY'S PROPOSALS ON RATES, PROFITS TAX, PERSONAL ALLOWANCES, STAMP DUTY AND ENTERTAINMENTS TAX WILL COME INTO EFFECT ON APRIL 1 THIS YEAR.
PRESENTING HIS BUDGET FOR 1992-93 TO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY), THE FINANCIAL SECRETARY, THE HON HAMISH MACLEOD, SAID THE AMENDING BILLS REQUIRED TO BRING THE PROPOSALS INTO LAW WOULD BE INTRODUCED INTO THE LEGISLATIVE COUNCIL NEXT WEEK, OR WHERE RESOLUTIONS OF THE COUNCIL WERE REQUIRED, AT AN APPROPRIATE LATER SITTING.
"IN ALL CASES, ADEQUATE TIME WILL BE GIVEN TO MEMBERS TO CONSIDER THE MEASURES BEFORE THE DEBATES ON THE BILLS ARE RESUMED THE RESOLUTIONS INTRODUCED, HE SAID.
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AND
MR MACLEOD COMMENTED ON TWO ITEMS WHICH WERE NOT INCLUDED IN HIS BUDGET SALES TAX AND AN INCREASE IN SALARIES TAX.
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DID
ON SALES TAX, HE SAID HE HAD MADE IT CLEAR BEFORE THAT HE NOT REGARD THAT AS ATTRACTIVE AT A TIME OF RELATIVELY HIGH INFLATION, AND IT WAS NOT CURRENTLY UNDER SERIOUS CONSIDERATION.
ON
ABLE то ASSIST AS THE INCREASE IN
SALARIES TAX, HE SAID HE WAS GLAD TO BE
NOT RAISING IT AT THE SAME TIME
TAXPAYERS BY PROFITS TAX.
"BUT I SHOULD WARN THAT THE RESULTING SALARIES AND PROFITS TAX IS PROBABLY AT ABOUT WHICH AVOIDANCE IS LIKELY TO BE A PROBLEM," THE SAID.
DIFFERENTIAL BETWEEN THE MAXIMUM, BEYOND FINANCIAL SECRETARY
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