COPY FÜR REGISTRATION
TELEGRAM Irom the Governor of Hong Kong to the Secretary of State for the Colonies.
54002/40 14
80
.Dated 9th Maron 1910 .. Received at 8.42 a.m. 9th March.
Marc
No. 115.
CONFIDENTIAL.
NOT YET
Z is
My telegram No. 108, War Contribution.
Legislative Council last Thursday resolved unanimously the t legielation on the lines recommended by the War Revenue Committee should be introduced at an early date.
Copy of Committee's report including the Bill RECEIVED enclosed in my despatch confidential (2) of 5th March which
( Copy to Treamy 20/16)
ehould arrive in London about 18th March.
Substance of the Bill is:-
(a) A property tax on the net annual value of all lands and buildinge rete 5p chargeable ou the owners (b) A salary tax on galeries and pensions,
The first
$5,000 (Hong Kong) of taxable income after deduction of personal and family allowances to be chargeable at 4 % thereafter 10% rate to apply.
(c) A Corporstica profits tax at the rate of 10p on profite on Corporationsregistered here.
(d) A business profite tax on profits of other businesses and of professions without any deduction for personal and family allowances, Rates:- exempt up to $10,000: 5% on excess over $10,000 up to $100,000: 10% on excess over $100,000.
First reading will be taken on Thursday next followed by resolution mentioned in my telegram under reference. Caine is familiar with the details.