PUBLIC FINANCES
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from 15 cents on $500 to $2 on $100. A special duty at the rate of three per cent is payable on the first conveyance of any parcel of land after September 1948. The estimated yield from Stamp Duty during the current financial year is $54 million.
Entertainments, Dance Halls & Bets and Sweeps Taxes. Sub- stantial revenue accrues from these taxes and it is estimated they will yield $37,700,000 during the current year. Entertainments Tax is charged on the price of admission to places of entertainment. The rate of charge varies with the amount charged for admission and averages approximately 22 per cent. Certain types of entertain- ment given for philanthropic, charitable or educational purposes are taxed at a lower rate or may be exempt. Public Dance Halls Tax is a levy of 10 per cent on all dance halls charges. Bets and Sweeps Tax imposes 7 per cent (five per cent to 31st March 1961) on totalizator receipts and 25 per cent on cash sweepstake receipts.
Business Registration. Registration of businesses on payment of a fee was first introduced in 1952 by the Business Regulation Ordinance, which was replaced by the Business Registration Ordin- ance in 1959. Every business carried on in the Colony is required to register. There are exemptions from fees for small businesses and certain non-commercial undertakings, but all others pay a fee which is at present $25 per annum. The yield from this source is estimated at $2 million.