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Friday, December 29, 1972
RATING PRACTICES TO BE IMPROVED
Rating Bill 1973 Published For Information
New legislation is being introduced to improve rating practices
in Hong Kong and to implement a number of proposals concerning rates made
by the Financial Secretary in his Budget speech last March.
The Rating Bill 1973, published in today's Gazette for general
information, seeks to repeal and replace the existing Rating Ordinance
which has basically remained unchanged for eighteen years.
The major objectives of the Bill are:
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to reduce the rate charge in the urban areas from
17 to 15 per cent as from April 1, 1973.
to allow a refund of only half the rates paid on
vacant premises, instead of a full refund as at
present, and
to provide for part of the urban rates to be paid to
the reconstituted Urban Council to enable it to
carry out its functions
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Commenting on the proposed new provisions, the Commissioner for
Rating and Valuation, Mr. R.A. Fry, said the proposal to lower the rates
charged in the urban areas was "to help cushion the higher rateable values
resulting from this year's revaluation."
TI
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mainly Tsuen Wan and
In those parts of the New Territories
presently assessed to rates, the standard rate of 11 per cent
Khai Chung
would remain for the time being, he added.
/Referring