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  "documentTitle": "Hong Kong Dollar / Hong Kong Monetary Authority (HKMA) (HKD)",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2011-09-14 00:00:00",
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      "text": "Members are asked to advise whether the proposal with effect from 15 October to issue and redeem Certificates of Indebtedness only against US dollars at a fixed rate sould be implemented, and whether such a step should be accompanied by the zero-rating of interest tax.",
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      "text": "29. The Administration considers that the impact of the scheme, and the degree of confidence it attracts, will be substantially enhanced if the interest tax on Hong Kong dollar deposits is simultaneously removed.",
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      "text": "The interest rate route could in the worst circumstances be painful, but would not possess the sort of apparent self-feeding instability that the exchange rate has exhibited on some recent occasions.",
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      "text": "32. Members are asked to advise whether the proposal with effect from 15 October to issue and redeem Certificates of Indebtedness only against US dollars at a fixed rate sould be implemented, and whether such a step should be accompanied by the zero-rating of interest tax.",
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      "text": "31. The loss of revenue for the remainder of this financial year is estimated at $250 million. There are more severe implications qua profits tax for the future. Application has been made to the Secretary for State under Section 8 of the Exchange Fund Ordinance for this sum to be transferred to general revenue account from the Exchange Fund; such a move is considered to be especially justified in view of the fact that the zero-rating of interest tax would be introduced as part of the package specifically directed at stabilising the exchange rate. It is also essential to maintain confidence in budgetary control and discipline of the deficit.",
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      "text": "30. Examination of the further implications for revenue from profits tax and possible ways of preventing any erosion have not yet been completed. Indeed they have just started. It is therefore proposed that interest tax on Hong Kong dollar deposits with financial institutions should simply be exempted from tax with effect from Monday 17 October, prior to any more fundamental legislative changes which may be introduced in the budget next spring. The Financial Secretary will speak on how immediate legislation can be implemented.",
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