19
Revenue.
The major revenue items provided for in the year's Estimates are:-
(a) Duties on Liquor, Hydrocarbon Oils, Tobacco,
Proprietary Medicines, etc.
(b) Rates (Assessed Taxes)
(c)
Internal Revenue including Entertainment Tax, Estate Duty and Stamp Duties.
(d) Water Revenue
(e) Postal Revenue
(f) (g)
(h) (i)
Kowloon-Canton Railway
Miscellaneous Fees, Payments for Services and Sales of Government Property, the biggest items being fees chargeable by the Custodian of Property, $2,000,000; and proceeds of trading activities by the Supplies, Trade and Industry Department, $1,283,300 Miscellaneous Licences, Fines and Forfeitures.. Miscellaneous Receipts, including Royalties...
Import and Excise Duties.
$18,200,000
5,750,000
7,000,000
2,600,000
3,098,000
3,402,900
6,140,500
1,716,400
1,491,000
There is no general customs tariff in Hong Kong, import duties being confined to liquor, tobacco, hydrocarbon oils, toilet preparations and proprietary medicines and table waters. A special foreign registration fee of 20% of the value of a motor vehicle is payable in respect of any vehicle not produced within the British Empire. The duties on imported liquor range from $1.50 per gallon on beer to $4.00 on Chinese liquor and to $44.00 on European sparkling wines. A reduction in duty is allowed in respect of liquors manufac- tured or produced within the British Empire.
The duties on tobacco range from $1.95 per lb. on the lowest taxed unmanufactured tobacco to $7.00 per lb. on cigars. A reduction in duty is allowed on tobacco of Empire origin and/or of Empire manufacture. A duty of 80 cents per gallon is payable on all light oils, imported into the Colony, 40 cents per gallon on all heavy hydrocarbon oils used as fuel for any heavy oil road vehicle and 10 cents per gallon on other hydrocarbon oils. Duty is payable on toilet prepara- tions and proprietary medicines at rates between 10% and 20% of the retail price. A duty of 24 cents per gallon is payable on Table Waters imported into or manufactured in the Colony. Excise duty is levied at the same rates on the above dutiable commodities manufactured in the Colony. There was no income tax in the Colony before the war but instead taxes were levied on salaries, interest, business profits and property under a War Revenue Ordinance. This Ordin- ance is now being completely recast. Estate duty is charged on estates situated within the Colony on a sliding scale varying from 1% on $500 to 52% on $30,000,000 and over. It is expected that the estimated revenue of $1,200,000 from this source will be considerably exceeded.