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HONG KONG LEGISLATIVE COUNCIL 11 May 1988
ROAD TRAFFIC (DRIVING LICENCES REGULATIONS AND REGISTRATION AND LICENSING OF VEHICLES REGULATIONS) (AMENDMENT) BILL 1988
THE FINANCIAL SECRETARY moved the Second Reading of: 'A Bill to amend the Road Traffic (Driving Licences) Regulations and the Road Traffic (Registration and Licensing of Vehicles) Regulations'.
He said: Sir, I move that the Road Traffic (Driving Licences Regulations and Registration and Licensing of Vehicles Regulations) (Amendment) Bill 1988 be read a Second time.
The Bill seeks to give legislative effect to the proposals in this year's Budget to increase the fees for certain driving and vehicle licences with effect from 2 March 1988. As these fees were last revised in 1987, a 6 per cent increase is proposed. I estimate that this will yield an additional $62 million in the current financial year.
Sir, I move that the debate on this motion be adjourned.
Question on adjournment proposed, put and agreed to.
INLAND REVENUE (AMENDMENT) BILL 1988
THE FINANCIAL SECRETARY moved the Second Reading of: 'A Bill to amend the Inland Revenue Ordinance'.
He said: Sir, I move that the Inland Revenue (Amendment) Bill 1988 be read a Second time.
This Bill seeks to give legislative effect to the taxation concessions proposed in this year's Budget. These include the reduction of the standard rate of tax from 16.5 per cent to 15.5 per cent and the rate of profits tax payable by corporations from 18 per cent to 17 per cent. In addition to revisions in the graduated scale of tax rates and the amount of allowances, this Bill also seeks to introduce an allowance of up to $15,000 for working wives. The amendments will take effect from 1 April 1988.
Sir, I estimate the cost to General Revenue of implementing these proposals to be approximately $1,780 million in the current financial year, and $2,790 million per annum thereafter at present levels of chargeable income.
Sir, I move that the debate on this motion be adjourned.
Question on adjournment proposed, put and agreed to.