58
HONG KONG ANNUAL REPORT ·
the current financial year ending on the 31st March 1960. This is the largest single item in the Revenue Estimates of the Colony for that year.
Estate Duty is levied on conventional lines. The Estate Duty Ordinance was amended on the 1st February 1959 to conform approximately to the latest United Kingdom practice. The rates of tax were also amended and now range from 2% on an estate valued at $50,000 to 40% on an estate valued at over $15,000,000. 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 estimated yield from this tax for the financial year ending on the 31st March 1960 is $12,500,000.
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 1959-60 iş $26,000,000.
Entertainment, Dance Halls, Bets and Sweeps Taxes also provide substantial amounts of revenue. The total estimates of revenue from this source for 1959-60 amount to $25,200,000. 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 twenty cases of this latter type during 1959. 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.
Business Registration was introduced by the Business Regulation Ordinance but is now conducted under the Business Registration Ordinance. The latter Ordinance, which repealed the former, was enacted in February 1959. The new Ordinance reduced the annual fee for registration from $200 to $25. It is estimated that fees totalling $2,100,000 will be collected during the financial year 1959-60.