HONG KONG GOVERNMENT SAYS WITHHOLDING REGULATIONS WOULD BE BURDENSOME AND COSTLY.
AUG. 26, 1988
HONG KONG GOVERNMENT SAYS WITHHOLDING REGULATIONS WOULD BE BURDENSOME AND COSTLY.
DOCUMENT ATTRIBUTES
- AuthorsYam, Joseph
- Institutional AuthorsHong Kong Office of Monetary Affairs
- Code Sections
- Subject Area/Tax Topics
- Index Termsgross income from sources within the United Statessource rulesinterest incomeforeign government-related individual
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 88-7515
- Tax Analysts Electronic Citation88 TNT 184-32
=============== SUMMARY ===============
Joseph Yam, Secretary for Monetary Affairs for the government of Hong Kong, has written that the proposed regulations under sections 892 and 1441 would pose a number of problems for his government. Yam contends that the large number of transactions for which statements would have to be prepared would place a very heavy additional burden on administrative resources. Moreover, Yam argues it will be difficult to accurately calculate the relevant amount of income. Another area of concern to Yam is that the proposed regulations would inhibit the "necessary flexibility" of deciding when to buy and sell securities. Specifically, the amount of filing of statements with withholding agents would tend to limit the necessary flexibility needed to gauge a changing market, he comments.
DOCUMENT ATTRIBUTES
- AuthorsYam, Joseph
- Institutional AuthorsHong Kong Office of Monetary Affairs
- Code Sections
- Subject Area/Tax Topics
- Index Termsgross income from sources within the United Statessource rulesinterest incomeforeign government-related individual
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 88-7515
- Tax Analysts Electronic Citation88 TNT 184-32
