TRAVEL AND TOURISM
The amending ordinance also clarifies the scope of leviable outbound travel services and provides for the splitting of the former levy on outbound package tour fares into two discrete sums: a fund levy and a council levy, both payable by licensed travel agents on the outbound fares paid by travellers. The two levies are specified by the Financial Secretary from time to time and are currently imposed on outbound travel fares at the specified rates of 0.35 per cent for the fund levy and at 0.15 per cent for the council levy. The fund levy goes to the Travel Industry Compensation Fund for the protection of outbound travellers, whereas the council levy goes to the Travel Industry Council of Hong Kong to help finance its self-regulatory efforts. A licensed travel agent who fails to pay either one of the two levies, risks losing his licence.
In 1993, no travel agencies collapsed. The new fund had a balance of $138 million at the end of the year.
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