10. MISCELLANEOUS LEVIES.
There are no business turnover taxes in Hong Kong.
An estate duty similar to that of the United Kingdom is assessed on that part of an estate which is actually in Hong Kong, at rates ranging from three per cent on estates valued between HK$100,000 and HK$200,000, to 25 per cent on estates valued over HK$4 million. There is no estate duty on estates under $100,000.
A stamp duty is charged on such documents as cheques, drafts, bills of lading, contracts and leases, and on receipts for amounts of more than HK$20. Fixed duties vary from 15 cents [on cheques and receipts] to $20 [on deeds] and ad valorem duty on various other documents ranges from 15 cents on $500 to $2 on $100. A special duty at the rate of three per cent is payable on the first conveyance of any land parcel after September 1948.
25
Entertainments Tax is charged on the price of admission to places of entertainment. The rate varies with the amount charged for admis- sion and averages approximately 22 per cent. Certain types of entertain- ment given for philanthropic, charitable or educational purposes are taxed at a lower rate or may be exempt.
There is no capital gains tax, nor is there any additional with-holding tax on profits or income remitted from the Colony.
Registration of business on payment of a fee was first introduced in 1952 by the Business Regulation Ordinance which was replaced by the Business Registration Ordinance in 1959. With certain exceptions, including charitable institutions, every business carried on in the Colony must be registered and pay annually a registration fee of $25. Exemption is granted when the business is very small. At present the average of total sales to exempt a business other than a new business or a business whose profits derive primarily from the sale of services is $1,000 per month and the average of total sales or receipts to exempt a business whose profits derive primarily from the sale of services is $300 per month.
11. PROFESSIONS.
No architect, registered dentist, medical practitioner, pharma- ceutical chemist or authorized auditor may practise unless he is in
9