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Thursday, March 28, 1974
BUSINESS REGISTRATION FEE DOUBLED
**
The Business Registration fee is to be doubled from $25 to $50
with effect from next Monday (April 1), Mr. Victor Ladd, Assistant
Commissioner of Inland Revenue, announced today.
The revision of the fees is in line with the changes made by
the Financial Secretary in his Budget speech on February 27.
Mr. Ladd said the opportunity was also taken to simplify the
existing penalty system for late payments of Business Registration fecs.
At present, $3 is charged for late payment in the first month
and $2 each month thereafter. However, the new penalty rate will be a
flat $15 once-and-for-all surcharge.
Two other increases will also take effect from next week, namely,
the fee for the issue of a certified copy or extract of documents under
Section 19 of the Business Registration Ordinance which will go up from
$10 to $15, and the fee for the issue of a duplicate business registration
certificate from $2 to $5.
At the same time, the limits below which a person carrying on
business might apply for exemption from payment of the registration foe
has also been raised as follows:
Any business establishment, except a new business or one whose profits derive primarily from the sale of services, with a total sales of less than $1,500 a month can apply for exemption. The present limit is
$1,000.
/*Any business,