TNAG-1490-FCO40-2047-Hong-Kong-Inland-Revenue-(Amendment)-Bill-1986-1986 — Page 79

10

Explanatory Memorandum

This Bill amends the principal Ordinance to provide for certain tax reliefs and to introduce provisions to limit or counteract schemes for the avoidance of tax.

The opportunity has also been taken to introduce a number of minor amendments to the principal Ordinance.

2.

The main provisions are as follows--

Clause 3 exempts from salaries tax, salaries or other remuneration payable to spouses of sole proprietors or partners, which are not deductible in assessing liability to profits tax.

Clause 4 extends the present deduction allowed, when ascertaining profits chargeable to profits tax, in respect of interest payable on debentures listed on a stock exchange in Hong Kong prior to 1 April 1984 to such debentures whatever the date of

I listing and also extends it to interest paid on moneys borrowed from an associated corporation where those moneys arise from a debenture issued by the associated corporation and to interest paid on other commercial paper where this is marketable in Hong Kong or in other major financial centres approved by the Commissioner or under an agreement which has been advertised with the approval of the Securities Commission.

Clause 5 makes it clear that no deduction is allowed in respect of a provision under a retirement scheme except a provision for an annual premium or payment to an approved retirement scheme, in an amount which, taken with the premium or payment, does not exceed 15 per cent of the emoluments of the employee for the relevant period.

Clause 7 introduces a new provision to limit exploitation of the provisions of the principal Ordinance, which confer tax benefits on a person who has incurred capital expenditure on the provision of machinery or plant, and which may occur in the case of certain sale and lease back arrangements or other leasing arrangements limiting the rights of the lessor in respect of the debt created under the leasing arrangements.

Clause 9 requires employers to furnish information as to married women who are their employees unless they have reasonable grounds for believing no tax will be chargeable on the woman's salary.

Clause 10 is intended to negate any tax benefit conferred on any person by a transaction which has been entered into with the sole or dominant purpose of conferring such a benefit. The matters which may be taken into account in determin- ing whether the sole or dominant purpose of the transaction is to confer a tax benefit are set out in the new section 61A(1) and the powers which an assistant commissioner may exercise upon such determination are set out in the new section 61A(2); new section 61B is a provision to prevent corporations with tax losses being acquired for the sole or dominant purpose of making use of those losses to offset against other taxable profits.

3. The opportunity has been taken to alter references in the principal Ordi- nance and rules to “the Colony" so that reference is now made to “Hong Kong”.

4. It is anticipated that when the tax reliefs provided for in this Bill are offset against the increased revenue from the provisions to counter tax avoidance there will be a total net accretion to revenue. This accretion is difficult to quantify but it is anticipated that the annual net additional revenue yield could be between $200 million and $500 million. The minor amendments to the principal Ordinance have no financial implications. The Bill has no significant Public Service staffing implications.

11

--九八六年稅務(修訂)條例草案

摘要說明

本條例草案修訂原有條例,就若干稅項寬免事宜作出規定,並制訂 條款以限制或抵制避稅計劃;此外,本草案並藉此機會對原有條例作出若干輕 微修訂。

主要修訂條款如下

草案第三條規定:凡付給獨資經營人原配或合夥人原配的薪金或其 他酬金,而有關款項評算利得稅時是不容扣除的,則有關薪金或酬金准予豁 免薪俸稅。

草案第四條規定:就債券利息收益而言,在確定其應課利得稅溢利 時,把現時所容許的扣除項目範圍擴大;原先規定,在一九八四年四月一日前 在本港證券交易所上市的公司債券所派發的利息,方准予扣除,現把扣除範圍 擴大至包括所有此類公司債券所派發的利息,不計較債券的上市日期,並且進 一步擴展至從其聯屬法團公司所借、來自後者所發公司債券而獲得款項所生的 利息,以及本港其他有價商業票據或其他經稅務局局長認可、或經證券事務監 察委員會批准而予公布週知協議所涉及的其他主要金融中心的有價商業票據所 派發的利息,亦均准予扣除。

草案第五條清楚示明:退休計劃供款不得予以扣除,但認可退休計 劃的每年供款或費用則不在此限,惟後述款額,亦以包括供款或費用在內的總 款額不超過僱員在有關期限內所支取薪酬百分之十五為限。

草案第七條增訂一項條款,以限制原有條例的若干條款被人利用 情事;該等條款為添購機器或設廠而作出資本開支的人士提供課稅方面利益, 例如在若干「出售後租回」安排,以及在下述租賃安排,即———規定出租人對 所產生的債項根據該項安排而僅獲有限度權利等安排。

草案第九條規定:僱主須把他屬下受僱已婚婦女資料呈報當局,除 非他有合理理由相信該婦女的薪金不須課稅。

草案第十條規定:倘一宗交易的目的,袛在或主要在把一項課稅方 面利益賦給某人,則當局得採取行動取消該人在該宗交易所承受的課稅方面利 益。當局在考慮決定一宗交易的唯一目的或主要目的,是否在取得課稅方面利 益時,所子考慮的事項細則訂載於新訂第六十一A條第(1)款;至於稅務局一名 助理局長對此事作出決定的權力,則訂載於新訂第六十一A條第(2)款。新訂第 六十一B條的規定,旨在防止專為或主要為利用可銷稅虧損以抵銷其他應課稅 溢利起見而收購具有該等虧損的法團公司情事。

三、 本草案藉此機會把原有條例和有關規則內凡見「殖民地」一詞俱改 為「香港」。

四

預料本草案所訂抵制避稅條交所導致增加的收入,經草案所訂稅項 寬免辦法予以部份抵銷後,政府稅收將有總淨額增加;所增加的實數難以用準 確數字示明,但預料每年所增加稅收淨額約為2億元至5億元間之數。本草案 對原有條例所作出的其他若干項輕微修訂,則對政府開支沒有影響。本草案對 公務員人手需求方面亦沒有影響。