Question 2
The Hon Mrs Rita Fan
Sir,
In his 1984-85 budget speech, the Financial Secretary estimated that Government could obtain an additional revenue yield of $350 million per year from offshore interest; could Government inform this Council how much profits tax has been demanded or collected from this source up
to now?
REPLY BY THE HONOURABLE THE FINANCIAL SECRETARY IN LEGISLATIVE COUNCIL ON WEDNESDAY 1 MAY 1985
The simple answer is none. I am sure that Mrs Fan will welcome the explanation. In my 1984 budget speech I said:
140. "As it is intended that this proposal shall apply only to interest accruing on or after
1 April 1984 it will have effect for the first time in respect of final assessments for 1984-85, which of course are generally not due for payment until 31 March 1985. There will, therefore, be
no immediate addition to revenue.
In accordance with Current Departmental routines, 1984/85
(Final) and 1985-86 (Provisional) Profits Tax Returns were
issued on 1 April 1985 and will begin to flow back to the Inland Revenue Department and be assessed during the forthcoming
months. Yields from this source will not, therefore, begin
/ to come
No comments yet.
Private notes are available after approval.