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The Financial Secretary said he also intended to amend the Inland Revenue Ordinance to reflect existing practice.
He would include a specific exemption for certain income derived from bona fide offshore funds managed in Hong Kong; and exclude stock brokers from potential profits tax liability in respect of share trading profits derived by non-resident investors for whom they acted as agents.
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Contributing to business efficiency
The Financial Secretary, Mr Donald Tsang, said in his Budget Speech in the Legislative Council today (Wednesday) that he had outlined a package of measures in promoting services designed not simply to make the Government more business- friendly but to tackle key areas where it could contribute directly to business. efficiency.
"Members will find further details in the new Budget document to which I have already referred. I want to emphasise that this is not the end of our work. This document, and the Task Force's deliberations, should be taken as the first steps towards developing a policy support for the services sector, without neglecting manufacturing, well into the next century," he said.
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Co-operation with Chinese side
As previously envisaged, co-operation with the Chinese side will be strengthened in the preparation of the Budget for 1997-98 to ensure a smooth transition, the Financial Secretary, Mr Donald Tsang, said in the Legislative Council today (Wednesday).
Mr Tsang noted that last March his predecessor had outlined a four stage programme for consultation with China.
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