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Following is the speech by the Secretary for the Treasury, Miss Denise Yue, in moving the committee stage amendments to Tax Reserve Certificates (Amendment) Bill 1999 in the Legislative Council today:

Chairman,

I move that Clause 3 be amended as set out in my name in the paper circulated to members.

The amendment aims at vesting the authority to make rules in respect of the conditions of maintenance of electronic accounts in the Secretary for the Treasury, instead of the Commissioner of Inland Revenue as proposed in the Bill. The amendment is proposed in response to an observation made by the Legal Service Division of the Legislative Council Secretariat to clarify such rule-making power under the legislation. As the Secretary for the Treasury is already empowered under the Tax Reserve Certificates Ordinance to make rules under the Ordinance, the amendment will ensure that similar rule-making power is vested in the same public officer.

Chairman, I beg to move.

End/Wednesday, June 2, 1999

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