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FS' transcript on estate duty
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Following is the transcript (English
portion) of the media session by the Financial Secretary, Mr Henry
Tang, on the abolition of the estate duty at the lobby of the Central
Government Offices (West Wing) this afternoon (June 17):
Question: Are you disappointed by the rejection from the Legislature?
Financial Secretary: When I first proposed the abolition of the
estate duty, the purpose is to enhance our position as an international
financial center and to strengthen the wealth management and asset
management business. It will create employment and strengthen our
economy. The House Committee has reservation regarding the timetable
being too tight. I can understand why they have such reservation
because our original intention is upon the abolition of the estate
duty, many of the functions for the probate can be done by either
the lawyers, accountants or bankers. But in this case, during the
Bills Committee Stage, many of the members felt that these functions
should continue to be performed by the Government. We have accepted
those proposals and suggestions and therefore the timing became
very tight. So this is the major reservation. However, it will make
no material difference to the community and the wealth management
business because what we are proposing to do is to use the next
several months to deal with and resolve the technical problems.
Upon the resumption of LegCo sitting in October, we will introduce
it to LegCo for second reading debate and third reading. But it
will have retrospective effect back to July. So it will have no
material difference to the community and the industry.
Question: Are you confident that the proposal will be passed when
it is re-tabled?
Financial Secretary: I am confident that the community supports
the abolition of the estate duty in order to enhance our position
as an asset management center.
(Please also refer to the Chinese portion of the transcript)
Ends/Friday, June 17, 2005
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