in 1947/48
(d), Water Revenue
(e) Postal Revenue
Kowloon-Canton. Railway
Miscellaneous
Fees, Payments for
38,600,000, 12,000,000
5,600,000
2,500,000
7,065,000 5,250,000
6,300,000 4,450,000
Services and Sales of Government Property 9,080,000 4,880,000
(h) Miscellaneous Licences, Fines and
Forfeitures.
(i) Miscellaneous Receipts, including
Royalties..
(j) Grant by Imperial Government
Import and Excise Duties.
7,400,000 3,790,000
4,450,000 5,370,000 12,000,000
There is no general customs tariff in Hong Kong, import duties being confined to liquor, tobacco, hydrocarbon oils, toilet preparations, proprietary medicines and table waters. A special foreign registration fee of 15% 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 a minimum of $4.00 on Chinese liquor and to $44.00 on European Sparkling wines. A reduction in duty is allowed in respect of liquors manufactured or produced within the British Empire.
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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 preparations and proprietary medicines at 25% of ex-factory price in the case of locally manufactured goods and 25% of f.o.b. prices in the case of imported goods. 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. These duties accounted for nearly $51,000,000.
Earnings and Profits Tax.
This tax, introduced for the first time in 1947, is based on the normal Income Tax Plan modified in material respects to meet local conditions and is divided into four separate taxes, Property Tax, Profits Tax, Interest Tax and Salaries and Annuities Tax. If a person so chooses he may be assessed personally and so enjoy the personal allowances obtaining under the Salaries and Annuities Tax of $7,000 for himself, $5,000 for his wife and a decreasing allowance for children up to the ninth. Tax is chargeable at a
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