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9. Main Heads of Taxation. The largest item of revenue is derived from the assessment tax, the sum of $5,814,017 being collected in 1981. This represents 17.5% of the total revenue or 19.4% of the revenue exclusive of land sales. The rates vary from 15% to 17% on the annual value of property and are for police, lighting and water services, etc. Port and Harbour Dues comprising Light Dues and Buoy Dues brought in the sum of $813,922.
10. Duties on intoxicating liquors realised $2,416,839, tobacco $3,364,522, postage stamps and message fees $2,035,939. A considerable sum is also derived from the opium monopoly, land revenue, stamp duties including estate duties and other fees. Land Sales during the year realised $3,177,808. The receipts of the Kowloon Canton Railway which was completed in 1910 amounted to $1,095,099.
11. Customs Tariff—There is an Import tariff on all liquor, tobacco and light oils imported into the Colony for sale or use therein. There is no Export tariff. The sale of opium is a Government Monopoly, and all importation of opium other than by the Government is prohibited. The importation of Dangerous Drugs is regulated in accordance with the terms of the Geneva Convention. Arms, ammunition, explosives and dangerous goods are subject to the normal Harbour and Police Regulations in regard to storage and movement.
12. The duties on imported liquor range from $0.60 per gallon on beer to $1.20 on Chinese liquor and to $10 on sparkling European wines and perfumed spirits. The duties are collected on a sterling basis; the conventional dollars in the tariff being converted at a rate which is varied from time to time according to the market rate of exchange between the local dollar and sterling.
13. The duties on tobacco range from $0.70 per lb. on the lowest taxed unmanufactured tobacco to $2 per lb. on cigars. The duties are collected on a sterling basis in the same manner as the liquor duties.
14. A duty of 25 cents per gallon is payable on all light oils imported into the Colony.
15. Excise and Stamp Duties.—The same duty is imposed on liquors (mainly Chinese type) manufactured in the Colony as on imported liquors.