TNAG-1514-FCO40-2072-Shipping-in-Hong-Kong-1986 — Page 110

ZCZC

HMLNAN 0052

CONFIDENT FAL

RP ALLOT

PP FCOLM

FM HOKON TO ALLOT

030345Z JAN

GRS 300

CONF IDENT FAL

FM HONG KONG

TO ROUTINE DTP

TELNO ALLOT 1

OF 030345Z JAN 86

INFO ROUTINE FCO

3

X 70%

ABLOIDE

986INVI 80

ABUSIDEE NI OBAI3038

HKK 175/

M

NO DISTRIBUTION

ན་མིན་ལ་འ་ན་ལུ་ ལས་ ་ ་ ་

THO TALBORAM

HAS NOT

ADVANCED

WAS NOT

THIS TELEGRAM

NO DISTRIBUTION

HK.A.

کھاتا

DA (shipping)

DTP FOR O'SHEA, MARINE DIRECTORATE

FCO FOR EPMIN, HKD.

HONG KONG REGISTER OF SHIPPING : PROPOSAL PAPER.

HIGGINSON'S LETTER OF 24 DECEMBER 1985 TO PATTERSPY REFERS.

2. WE HAVE HAD EXTENSIVE DISCUSSIONS WITH HONG KONG SHIPOWNERS

ASSOCIATION REGARDING CHAPTERS 4 (OWNERSHIP) AND 10 (FINANCIAL

ASPECTS) OF OUR PROPOSAL PAPER. HKSOA APE CONCERNED

-

(A) THAT THE OWNERSHIP CRITERIA PROPOSED WOULD NOT BE IN HONG KONG'S

LONG TERM INTERESTS AS A MAJOR SHIPPING CENTRE: AND

(B) THAT EXISTING TAXATION LEGISLATION MIGHT BE SUBJECT TO

DIFFERENT (1.E. ADVERSE) INTERPPETATION AT A FUTURE DATE.

3. WE INTEND TO MAKE NO (NO) CHANGES TO (B) AND THUS LEAVE

CHAPTER 10 ESSENTIALLY AS ITS STANDS.

4. AS REGARDS CHAPTER 4, WE ACCEPT THE POINTS MADE AS VALID AND

WILL BE REVERTING TO THE ORIGINAL CONCEPT ENVISAGED IN PARA 7.2

OF THE CONSULTATIVE DOCUMENT. THAT IS TO SAY, A CORPORATE OWNER

SHOULD BE INCOPPORATED IN HONG KONG, THE SHIP SHOULD BE MANAGED

AND CONTROLLED FROM HONG KONG AND THERE SHOULD BE A LEGALLY

ACCOUNTABLE REPRESENTATIVE IN HONG KONG.

5. WE WILL TELEGRAPH REVISED CHAPTER WHEN AVAILABLE.

YOUDE

YYYY

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