Chapter:	112K	Title:	EXEMPTION FROM SALARIES TAX (MONETARY AUTHORITY) ORDER	Gazette Number:
Section:	1	Heading:	Exemption from salaries tax	Version Date:	30/06/1997

(1) The person for the time being appointed as the Monetary Authority under section 5A(1) of the Exchange Fund Ordinance (Cap 66) and any person appointed under section 5A(3) of that Ordinance, being recipients of any benefit granted under any provident fund scheme to which the Monetary Authority is a party, shall be exempt from the payment of salaries tax chargeable in respect of the whole of that benefit for any year of assessment under section 8 of the Ordinance, subject to the conditions specified in subsection (3) being satisfied as regards that benefit.
(2) This section shall apply to the years of assessment since, and including the year of assessment commencing on, 1 April 1993.
(3) The conditions referred to in subsection (1) are that-

(a) the circumstances under which the benefit is granted are the same as the circumstances under which a sum payable under a recognized occupational retirement scheme as defined in the Ordinance must be received or withdrawn in order to be excluded from the computation of income under the Ordinance;
(b) the extent to which the benefit is excluded from the computation of income under the Ordinance does not exceed the extent to which a sum received under or withdrawn from such a recognized occupational retirement scheme is so excluded; and
(c) any other condition or requirement specified in the Ordinance for excluding from the computation of income a sum received under or withdrawn from such a recognized occupational retirement scheme is complied with in respect of the granting of the benefit.