TNAG-1858-FCO40-2633-Legislative-Council-of-Hong-Kong-memoranda-and-minutes-of-me-1989 — Page 170

HONG KONG LEGISLATIVE COUNCIL

香港立法局 ————一九八九年七月十九日

19 July 1989

57

only be regarded as a windfall gain heavier because of separate taxation.

their tax burden has not been made

Mrs. FONG is quite right to point out that additional costs will need to be incurred to provide for separate taxation. For a number of years the Administration declined requests from Members to grant separate taxation partly on the ground of the revenue that would be forgone and the additional administration costs. At the time the decision to implement separate taxation was taken, the extent of public debate on the issue clearly indicated that, not only did it have the unanimous support of Members, but also there was substantial demand for it within the community not least because of privacy and individuality considerations.

Finally, I should point out that the decision to introduce separate taxation in Hong Kong is consistent with the trend in this direction in other tax administrations.

Sir, with these remarks, I beg to move.

Question on the Second Reading of the Bill put and agreed to.

Bill read the Second time.

Bill committed to a Committee of the whole Council pursuant to Standing Order 43(1).

PROTECTION OF INVESTORS (AMENDMENT) BILL 1989

Resumption of debate on Second Reading which was moved on 5 July 1989

Question on the Second Reading of the Bill proposed, put and agreed to.

Bill read the Second time.

Bill committed to a Committee of the whole Council pursuant to Standing Order 43(1).

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