§ Mr. CousinsTo ask the Secretary of State for Foreign and Commonwealth Affairs what legislation and which agency covers the prudential annual supervision of(a) company and (b) bank accounts in the case of companies and banks registered in Hong Kong; and in what form and to which representative assembly such agencies report.
§ Mr. GoodladRequirements on the incorporation, management and winding up of companies are set out in the companies ordinance, administered by the Registrar of Companies. The banking supervision department of the Hong Kong Monetary Authority is responsible for the prudential supervision of banks in Hong Kong in accordance with the provisions of the banking ordinance. Members of Hong Kong's Legislative Council may ask questions and conduct investigations on any matter of concern to them in respect of regulation of banks or companies.
§ Mr. CousinsTo ask the Secretary of State for Foreign and Commonwealth Affairs what agency is responsible for the supervision of the tax affairs of(a) residents of Hong Kong, (b) companies registered in Hong Kong and (c) banks registered in Hong Kong; and in what form and to which representative assembly such agencies report.
§ Mr. GoodladThe Inland Revenue Department of the Hong Kong Government is responsible for the collection of tax on Hong Kong residents, and on companies and banks registered in Hong Kong. The Commissioner of Inland Revenue reports to the Financial Secretary who is a member of Hong Kong's Legislative Council.