TNAG-1617-FCO40-2225-Executive-Council-of-Hong-Kong-memoranda-and-minutes-of-meet-1987 — Page 14

for 1987-88 and thereafter.

The anti-avoidance measures

are deemed to have come into operation on 26 February 1987.

3. The total cost to the revenue of the various

concessions, including the granting of time apportionment,

is estimated at $665 million in 1987/88 and $1,070 million

in subsequent years. The provisions to counter tax

avoidance will eliminate a tax drain which, although

difficult to measure, could otherwise have reached upwards

of $100 million per annum. So far as staffing implications

are concerned, the enactment of this Bill will obviate the

need for some additional staff to deal with returns that

would otherwise have been received.