Obscene article consultation starts
The Commerce & Economic Development Bureau has launched the second round consultation on the review of the Control of Obscene & Indecent Articles Ordinance.
The consultation seeks views on increasing penalties for breaches to the ordinance, and reforming the institutional set-up of the Obscene Articles Tribunal.
Written views can be sent to the Commerce & Economic Development Bureau by email by July 15.
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Bond market consultation starts
The Financial Services & the Treasury Bureau has launched a consultation on the proposed amendments to the Inland Revenue Ordinance and Stamp Duty Ordinance to promote Islamic bond, or "sukuk", market development in Hong Kong.
Comment
Secretary for Financial Services & the Treasury Prof KC Chan said the amendments seek to level the playing field for common types of sukuk vis-a-vis their conventional counterparts in terms of profits tax, property tax and stamp duty liabilities.
"The legislative amendments would also help to attract sukuk issuers using our Islamic finance platform. The structuring of sukuk often involves transfer of underlying assets and setting up of special-purpose vehicles, which may give rise to additional tax and stamp duty implications and uncertainty under the existing laws, putting sukuk at a disadvantage when compared with conventional counterparts. Amendments are therefore necessary.
"The consultation exercise seeks to gauge market views on the proposed legislative amendments with a view to ensuring they are practicable and able to meet the latest market development needs."
Market participants and other stakeholders are welcome to send their views via email by May 28.
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