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WEDNESDAY, FERIJAKY 26, 1975
BUSINESS REGISTRATION
PROPRIETORS OF BUSINESSES WHO DO NOT PAY PROFITS TAX BECAUSE THEIR CHARGEABLE PROFITS ARE COVERED BY ALLOWANCES. AVAILABLE UNDER PERSONAL ASSESSMENT ARE. ALSO CAUGHT IN THE FINANCIAL SECRETARY'S NEW TAX NET.
SUCH PROPRIETORS WILL NOW HAVE TO PAY A HIGHER REGISTRATION FEE OF $150, THREE TIMES THE PREVIOUS AMOUNT. THE INCREASED FEE WILL APPLY TO ALL REGISTERED BUSINESSES, EXCEPT THOSE AT PRESENT EXEMPTED FROM PAYMENT, BUT WILL REMAIN A DEDUCTIBLE EXPENSE FOR COMPUTING PROFITS TAX. MR. HADDON-CAVE SAID THIS INCREASE WILL HAVE THE EFFECT OF BROADENING THE TAX BASE AT A COST TO THE BUSINESSES CONCERNED OF $8.30 A MONTH.
HE ALSO PROPOSED THAT CERTAIN CLUBS SHOULD BE BROUGHT WITHIN THE AMBIT OF THE BUSINESS REGISTRATION ORDINANCE.
COMPANY REGISTRATION
MR. HADDON-CAVE PROPOSED TO TRIPLE THE FEE FOR REGISTERING A BUSINESS FROM $100 TO $300 AND TO CHANGE THE ADDITIONAL CHARGE FOR EACH $1,000 OF NOMINAL SHARE CAPITAL FROM $2 TO $4 WITH EFFECT FROM TOMORROW (THURSDAY) MORNING.
HE NOTED THAT NOT ALL REGISTERED COMPANIES WERE ALSO REGISTERED BUSINESSES SUCH AS, FOR EXAMPLE, THOSE THAT ARE REGISTERED IN HONG KONG BUT CARRY ON THEIR BUSINESS OFF- SHORE.
BANK LICENCES
MR. HADDON-CAVE FELT THAT BANKS IN HONG KONG OUGHT TO PAY MORE FOR THEIR +PRIVILEGED TRADING POSITION+ AND PROPOSED TO RAISE THE ANNUAL FEE FOR A BANK LICENCE FROM $40,000 TO $200,000, AND THAT FOR A BRANCH BANK
BE INCREASED TO $10,000 AS COMPARED WITH THE PRESENT $1,000.
FINANCE COMPANIES
THE FINANCIAL SECRETARY NOTED THAT A BILL PROVIDING FOR THE REGISTRATION OF DEPOSIT TAKING FINANCE COMPANIES WAS EXPECTED TO BE PUBLISHED SHORTLY.
HE PROPOSED AN ANNUAL REGISTRATION FEE FOR SUCH COMPANIES OF $10,000, ON THE ASSUMPTION THAT 200 COMPANIES WOULD SEEK REGISTRATION.
/TO RECOVER