PUBLIC FINANCE AND TAXATION
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Kingdom practice. The rates of tax vary from 2% to 52% on estates valued from $5,000 to over $30,000,000 respectively. The estimated revenue from this duty for 1958-9 is $12,500,000. Estate Duty, like Earnings and Profits Tax, is charged only on Hong Kong estates, no charge being made in respect of assets outside the Colony. The yield from this source for the past five years has averaged $15,000,000.
Stamp Duty legislation in the Colony is based on the United Kingdom Stamp Acts. Fixed duty varies from 10 cents on proxy forms to $20 on deeds. Ad valorem duty varies from 10 cents per $500 to $2 per centum. In addition, an excess duty of 3% is payable on conveyances of land in respect of the first sale after September 1948. The estimated yield from Stamp Duty for 1958-9 is $23,000,000.
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Entertainment, Dance Halls, Bets and Sweeps Taxes also provide substantial amounts of revenue. The total estimates of revenue from this source for 1958-9 amount to $22,500,000. Entertainment Tax is normally charged on the price of admission to all places of public entertainment at an average rate of approxi- mately 22%. Certain categories of performances are entirely exempted from tax, whilst a remission of 75% in tax is granted for live performances which in the opinion of the Colonial Secretary are of special cultural or artistic value. Remission was granted in ten cases of this latter type during 1958. A Public Dance Halls Tax is levied at 10% on dance hall charges, while a 5% duty is imposed on all totalizator receipts and a 25% duty on cash sweep receipts.
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Business Registration was introduced by the Business Regulation Ordinance in 1952 and provides for the compulsory registration of all business names. An annual registration fee of $200 is payable with certain exemptions for small businesses which might suffer undue hardship. The estimated yield from this source for 1958-9 is $6,000,000.