XN000022-1996-04-10 — Page 3

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The Stamp Duty (Amendment)(No.2) Bill 1996 will be gazetted on Friday (April 12).

A government spokesman explained that the measure to charge stamp duty on agreements for sale of residential property was first introduced in early 1992.

It is temporary in nature and has to be extended from time to time, he said.

"After four years of operation, it has been proved that the measure could help curb speculation in the residential property market. Besides, it also ensures that stamp duty is paid for each individual residential property transaction and profits tax is charged when gains are made from trading transactions," the spokesman said.

"This enhances equity in our tax system. We therefore consider it appropriate and equitable to make the measure permanent," he added.

As for charging a full-cost recovery fee for voluntary adjudication service, the spokesman said the proposal was endorsed by the Public Accounts Committee.

He added that mandatory adjudication which was required for revenue protection purposes would be provided free-of-charge.

The Secretary for the Treasury will introduce the Bill into the Legislative Council on April 24.

End

Bills to enhance consumer protection

The Government will introduce two amendment bills on consumer goods and children's products to further enhance consumer protection.

The Consumer Goods Safety (Amendment)(No.2) Bill 1996 and the Toys and Children's Products Safety (Amendment) (No.2) Bill 1996 will be published in the Gazette this Friday (April 12) for introduction into the Legislative Council on April

24.