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WEDNESDAY, FEBRUARY 26, 1975
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THIS TAX, BEING MODEST AND REASONABLE IN NATURE, COULD BE INTRODUCED BY WAY OF AN AMENDMENT TO THE INLAND REVENUE ORDINANCE. (A SUMMARY OF THE MAIN FEATURES OF THE TAX IS GIVEN IN APPENDIX (6) OF THE PRINTED VERSION OF THE BUDGET SPEECH.)
ON RATING, MR. HADDON-CAVE SAID HE HAD ALREADY MENTIONED THAT THE NEXT REVALUATION OF PROPERTIES WOULD BE UNDERTAKEN IN 1976 TO COME INTO EFFECT ON APRIL 1, 1977. +TO PROTECT THE REVENUE, A FURTHER UPWARD MOVEMENT OF THE GENERAL RATE IN 1976-77 MAY, THEREFORE, BE NECESSARY.
REFERRING TO THE BASIS OF ASSESSMENT OF PROPERTY TAX, HE SAID QUITE APART FROM THE ADMINISTRATIVE DESIRABILITY OF PROVIDING A SEPARATE ROLL OF PROPERTY OWNERS, VALUES FOR PROPERTY TAX. PURPOSES SHOULD BE ASSESSED INDEPENDENTLY OF THE RATING VALUATION LISTS.
THIS WOULD ENABLE SUCH VALUES TO BE FIXED IN LINE WITH CURRENT MARKET RENTAL VALUES AND NOT ON A TONE OF THE LIST BASIS AS PROVIDED FOR IN THE RATING ORDINANCE, AND ENABLE RESTRICTED RENTS TO BE TAKEN INTO ACCOUNT IN THE ASSESSMENTS.
+AS THE NEXT REVALUATION FOR RATING PURPOSES IS TO BE POSTPONED UNTIL 1976, THE COMMISSIONER FOR RATING AND VALUATION SHOULD HAVE TIME TO PROVIDE SEPARATE VALUATIONS FOR A NEW PROPERTY TAX ROLL WHICH WILL BE THE BASIS FOR THIS TAX IN 1976-77 AND MAKE IT MORE PRODUCTIVE,+
FOR OTHER POSSIBILITIES, HE SAID HE HAD IN MIND THE REVENUE IMPLICATIONS OF AN EVENTUAL EXTENSION OF THE SCOPE OF THE BETTING DUTY ORDINANCE TO NEW FORMS OF AUTHORISED OFF-COURSE BETTING.
HE HAD ALSO LOOKED INTO THE POSSIBILITY OF A PAYROLL TAX AND DUTIES ON A WIDER RANGE OF SO-CALLED LUXURY GOODS. +BUT THESE THREE IDEAS INVOLVE DIFFICULTIES AND DANSERS WHICH, IN MY VIEW, RULE THEM OUT FOR THE PRESENT.+
IN CONCLUSION, THE FINANCIAL SECRETARY NOTED THAT IF THE YEAR OF THE TIGER WAS DOUBLY DEPRESSING BECAUSE IT DID NOT REMOTELY RESEMBLE ANYONE'S PRECONCEPTIONS IT WOULD NOT BE EASY TO HAVE ANY PRECONCEPTIONS AT ALL ABOUT THE COMING YEAR.
+SO, WHEREAS THE KEYNOTE OF THE 1974 BUDGET WAS CAUTION, THE KEYNOTE OF THE BUDGET FOR THE YEAR OF THE RABBIT IS BELIEVED TO HERALD BETTER THINGS TO COME IN THE YEAR OF THE DRAGON. AND
I AM SURE IT WILL, PROVIDED THAT, IN THE COMING MONTHS, WE TAKE PARTICULAR CARE WITH THE ECONOMY ON THE HEALTH OF WHICH ALL DEPENDS, HE ADDED.
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