1992-01-03 14:23 INFORMATION SERVICES DEPT
852 521 7725 P.05/11
5
TRADE SANCTIONS
The Trade Department had conveyed to the US trade authorities the findings of their survey on the effect of the US "301 sanctions" on HK. The survey findings would be released in HK today.
LAND DEVELOPMENT
The LDC would this year go ahead with the third phase of its redevelopment scheme. The areas affected included Central and Western, Mong Kok, Kwun Tong, Hung Hom and Tsuen Wan, many papers reported.
ECONOMY
The latest issue of the quarterly report released by the HK and Macau Section of the Bank of China said that the performance of banking in HK this year would depend on the economic situation in Hk and overseas. It said that the commencement of the airport core projects would have a positive effect on the territory's economy.
COUNCILS
The media reported prominently that the Urban Council had proposed to increase a number of its licence fees. At least six papers using the news as an inside-page lead story... The chairman of the UC Public Health Committee, Pao Ping-wing, said although the percentage of increases seemed to be very high, the actual amount of money involved was small, stressing that the rises would not affect the related business. However, UC member Frederick Fung voted against the proposal, saying that the drastic increases were caused by a new formula of calculating the council's revenue. He pointed out that instead of adjusting fees according to one year's inflation rate, operators were asked to pay a provisional charge. He believed this would have an impact on consumers. He would still be opposed to the proposal when the standing committee voted on it next week.
Meanwhile, the Regional Council was planning a 10 per cent increase in its food stalls licence fee this April, CR-C reported. RC members would reach a final decision at the end of this month.
TAX CONCESSIONS
The HK Confederation of Trade Unions had recommende the Government adopt a series of tax concessions in the next financial year, the media reported widely. A spokesman for the confederation, Leung Chau-ting, said that the Government should increase the personal allowance from $41,000 to $64,000 in order to exclude more low-income families from paying income tax. He also called for raising the profits tax from 16.5 per cent to 18.5 per cent. The confederation claimed that if the proposals were adopted, the Government could get extra $3 billion
revenue.