517
J
provokes great opposition : I therefore submitted no proposal on the point.
That conclusion, however, does not seem to have been adopted elsewhere. To take live Hongkong Companies alone, I find that in Bombay the Agency of the Hongkong Fire Insurance changed a Municipal tax of R.979, and an Income Tax of R417. In Madras this Company is charged a profession tax of R150, the Income tax is also being enforced at this Port. In Calcutta, the tax is a licence Trade and callings of $100, and an Income tax of R120. An Income tax of 5 per cent on net profits is demanded in Manila.
H.
pays
ari
of R25, and a licence fee.
The China Fire Insurance
pays
of 5 per cent in
Income tax
in Manila, and a Municipal tax of $500 in Bombay, besides income tax there.
These charges
are in addition to Stamps
on Policies.
Certain considerations Connected with Fire insurance business in this Colony have been brought to my notice, which render it very desirable that some means of securing a fair contribution to the Revenue of the Colony from Fire insurance effected by what I will call Foreign Companies, should be adopted.
6.
There are in Hongkong nine Insurance Companies registered here, and having their head offices either here or in Shanghai. These I propose to call Local Companies. There are also about 130 Agencies of European or Colonial Companies registered elsewhere. These I propose to call Foreign Companies. The above figures include Fire, Marine, and a few Life Offices, but my remarks will be confined entirely to Fire Insurance.
The Local Insurance Companies here, in common with all the Community, pay rates for the support of the Government Fire Brigade. The sum annually raised to maintain this Brigade...