deducted, is levied at rates varying from one-quarter of the standard rate on the first $5,000 of chargeable income to twice the standard rate on chargeable income of over $35,000. Revenue derived from the four taxes in 1948/49 together with amalgamated tax under personal assessment was as follows:-
Property tax Profits tax:
$3,520,195
Corporation profits tax Business profits tax
$21,838,359
10,890,102
32,728,461
Salaries and annuities tax
Interest tax
Personal assessment
TOTAL:
2,643,601
1,263,316
129,627
$40,285,200
Assessment Tax (Rates)
There is a general rate of 15% plus a water rate of 2% on assessed rateable value. Properties in outlying districts which have unfiltered water pay a water rate of 1% only, and this rate is remitted altogether if no water is available. Nearly $15 million accrued from this tax in 1948/49.
New Measures
There were few important new taxation measures intro- duced during the year. Revenue from stamp duties was increased by providing that instruments affecting land in the New Territories should be liable to duty, having previously been exempt. Of the new licences and permit fees introduced during the financial year 1948/49 the only important measure was the licensing of approved banks which produced an additional $600,000.
Expenditure
The major items of expenditure during the year 1948/49 were, in round figures:-
(a) Miscellaneous Services: (Including high cost of living, rehabilitation and special allowances $24,803,000; occupa- tion period salaries and ex-gratia awards $11,586,000; salary adjustments $9,788,000)
(b) Public Works Department Recurrent & Extraordinary (c) Medical Department
(d) Stores Department
(e) Police Force
(f) Education Department (g) Pensions
$57,386,000
15,995,000
12,924,000
7,874,000
10,715,000
11,703,000
6,499,000
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