XN000022-1994-03-02 — Page 40

28

WEDNESDAY, MARCH 2, 1994

+

HE SAID: 'AS I POINTED OUT IN PREVIOUS BUDGET SPEECHES, THIS CONCESSION WAS INTENDED TO REDUCE THE OVERALL COST OF STOCK MARKET TRANSACTIONS AND TO MAINTAIN HONG KONG'S ABILITY TO COMPETE WITH OTHER

MAJOR MARKETS.

"I AM PLEASED TO SEE THAT THE COST OF TRADING SECURITIES IN THE LOCAL MARKET IS CURRENTLY AMONG THE LOWEST IN THE WORLD.

"THE EXTREMELY BUOYANT STATE OF OUR STOCK MARKET IN RECENT MONTHS SUPPORTS THE VIEW THAT THE HONG KONG SECURITIES MARKET IS SUFFICIENTLY ATTRACTIVE TO LOCAL AND OVERSEAS INVESTORS WITHOUT ANY ADDITIONAL INCENTIVE BY WAY OF A FURTHER REDUCTION IN STAMP DUTY, SIR HAMISH SAID.

AIR PASSENGER DEPARTURE TAX LOWERED

* * * * *

THE FINANCIAL

SECRETARY, THE HON SIR HAMISH MACLEOD, TODAY (WEDNESDAY) PROPOSED TO REDUCE THE AIR PASSENGER DEPARTURE TAX FROM $150 TO $50.

THE PROPOSAL WILL COST $960 MILLION IN 1994/95 AND $4.1 BILLION UP TO 1997/98.

MOVING THE SECOND READING OF THE APPROPRIATION BILL IN THE LEGISLATIVE COUNCIL, SIR HAMISH SAID THE AIR PASSENGER DEPARTURE TAX WAS INCREASED TO $150 IN 1991.

MAY

HE SAID: "I AM SYMPATHETIC TO THE VIEW THAT, AT THIS LEVEL, IT DISCOURAGE TRANSIT PASSENGERS FROM VENTURING BEYOND THE CONFINES ' OF THE TRANSIT HALLS.

"THIS NOT ONLY MEANS A LOSS OF BUSINESS TO OUR RETAIL TRADE BUT ALSO AGGRAVATES CONGESTION AT KAI TAK,”

WHO

TO ADDRESS THIS PROBLEM, AS WELL AS TO BENEFIT LOCAL TRAVEL BY AIR, SIR HAMISH PROPOSED TO REDUCE THE

DEPARTURE TAX $150 TO $50.

RESIDENTS AIR PASSENGER

1

1

O

/29

Page 40Page 41