XN000022-1992-04-08 — Page 10

WEDNESDAY, APRIL 8, 1992

SAID,

AND

THE

MOVING THE SECOND READING OF THE BILL, THE FINANCIAL SECRETARY

OPTIONS MOST CLAUSE 2 OF THE BILL WOULD BRING

RIGHTS, INTERESTS IN RESPECT OF STOCK WITHIN THE DEFINITION OF 'STOCK' IN STAMP DUTY ORDINANCE, SO THAT A SALE AND PURCHASE OR TRANSFER OF RIGHTS, OPTIONS OR INTERESTS WOULD BE CHARGEABLE WITH STAMP DUTY.

"THE PRINCIPAL EFFECT OF THIS AMENDMENT WOULD BE TO EXTEND

OR TRANSFER OF STAMP DUTY TO THE SALE AND PURCHASE APPLICATION COVERED WARRANTS," HE SAID.

OF

SUCH

THE OF

THE FINANCIAL SECRETARY IN HIS SPEECH MOVING THE SECOND READING THE APPROPRIATION BILL SAID THIS WAS A LOGICAL EXTENSION OF THE EXISTING TAX SYSTEM, SINCE THESE WARRANTS WERE A ROUTINELY TRADED FORM OF SECURITY.

CLAUSE 3 OF THE BILL. WOULD REDUCE FROM 0.5% TO 0.4% THE RATE OF STAMP DUTY ON CONTRACT NOTES.

"THIS REPRESENTS A CONTINUATION OF THE GRADUAL PROCESS

DUTY ON STOCK TRANSFERS, REDUCTION IN

DESIGNED TO MAINTAIN

MR MACLEOD SAID. COMPETITIVENESS OF HONG KONG'S SECURITIES MARKET,

OF

THE

IN

AN

OF

THE EXTENSION OF STAMP DUTY TO COVERED WARRANTS WILL BRING RATE THE REDUCTION IN THE EXTRA $140 MILLION REVENUE A YEAR. CONTRACT NOTE DUTY WILL COST THE REVENUE $400 MILLION A YEAR.

ENTERTAINMENTS TAX (AMENDMENT) BILL 1992

THE

SECRETARY IN MOVING THE SECOND READING FINANCIAL ENTERTAINMENTS TAX (AMENDMENT) BILL SAID THE PURPOSE OF THE BILL ΤΟ EFFECT ENTERTAINMENTS TAX ORDINANCE, TO GIVE THE TO AMEND PROPOSAL

THE BUDGET TO ABOLISH ENTERTAINMENTS

TICKETS.

IN

TAX

ON

OF

THE

WAS THE CINEMA

THE

COST OF MILLION A YEAR.

THIS MEASURE TO GENERAL REVENUE

WILL

BE S130

WEEK,

BILL LAST

ASSURANCES

MOVING IN

THE SECOND READING OF THE APPROPRIATION THE FINANCIAL SECRETARY NOTED THAT HE HAD RECEIVED FROM HONG KONG'S TWO LARGEST CINEMA OPERATORS THAT THE FULL BENEFIT OF

THAT THE CONCESSION

AND WOULD BE PASSED ON TO CINEMA-GOERS,

WOULD BE NO INCREASE IN THE PRICE OF TICKETS IN THE COMING YEAR.

THERE

"I HAVE NO REASON TO DOUBT THAT THE OPERATORS CONCERNED ABIDE

REPORTS BY THIS AGREEMENT. I HAVE, HOWEVER, NOTICED MEDIA THE EFFECT THAT SOME FILM DISTRIBUTORS MAY NOT INTEND TO PASS ON FULL VALUE OF THE CONCESSION TO THE PUBLIC," HE SAID.

WILL

ΤΟ

THE

MR MACLEOD SAID HE WAS SOMEWHAT CONCERNED ABOUT THESE AND WOULD BE LOOKING INTO THE SITUATION CLOSELY.

REPORTS

++

"IF CIRCUMSTANCES WARRANT, CONCESSIONS CAN OF REVERSED IN FUTURE BUDGETS, HE SAID.

COURSE

BR

THE DEBATE ON THE MOTIONS WERE ADJOURNED.

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