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WEDNESDAY, FEBRUARY 25, 1976
FOR THE THREE URBAN AREAS (HONG KONG, KOWLOON AND NEW KOWLOON), RATES WILL BE INCREASED FROM 11 PER CENT TO 12 PER CENT. FOR TSUEN WAN/KWAI CHUNG, THE INCREASE WILL BE FROM 17 PER CENT TO 18 PER CENT, WHILE RATES FOR TSING YI WILL CONTINUE TO REMAIN AT 11 PER CENT,
MR. HADDON-CAVE SAID FOR THE MAJORITY OF DOMESTIC RATEPAYERS, OCCUPYING TENEMENT FLOORS, THE INCREASE WILL MEAN, ON AVERAGE, AN ADDITIONAL MONTHLY RATĖS PAYMENT OF NO MORE THAN $3 WHILE, EVEN FOR HOUSES, THE AVERAGE ADDITIONAL PAYMENT IS ONLY LIKELY TO BE A LITTLE ÖVER $30 PER MONTH.
SO FAR AS NON-DOMESTIC TENEMENTS ARE CONCERNED, THE EFFECT OF THE INCREASE WILL RANGE FROM AROUND AN AVERAGE OF $11 PER MONTH FOR SHOPS TO ABOUT $45 PER MONTH FOR FLATTED FACTORIES.
STAMP DUTY ON CONVEYANCES
REFERRING TO HIS PROPOSAL TO INCREASE STAMP DUTY ON CONVEYANCES TO 2-3/4 PER CENT, MR. HADDON-CAVE ESTIMATED THAT THE ADDITIONAL REVENUE FROM THIS INCREASE WOULD BE $20 MILLION IN THE COMING FINANCIAL YEAR.
DOCUMENTS RELATING TO TRANSACTIONS WHERE THE CONSIDERATION DOES NOT EXCEED $75,000 OR $150,000 WILL BEAR DUTY AT THE CONCESSIONARY RATES OF $20 AND ONE PER CENT RESPECTIVELY.
+LOGICALLY, WITH THE STANDARD RATES AT 2-3/4 PER CENT, COMPARED WITH TWO PER CENT WHEN THE CONCESSIONARY RATES WERE
INTRODUCED, THE CONCESSIONARY RATES SHOULD BE REVISED BUT I WISH TO DO NOTHING WHICH WOULD IMPLY A LACK OF SYMPATHY WITH HOME OWNERSHIP ASPIRATIONS, + THE FINANCIAL SECRETARY SAID.
BUSINESS REGISTRATION FEE
MR. HADDON-CAVE SAID THERE WERE A NUMBER OF COMPANIES WHICH, WHILE ENJOYING THE CONVENIENCE AND PROTECTION AFFORDED BY HONG KONG LAWS, MADE VIRTUALLY NO REGULAR CONTRIBUTION TO THE REVENUE, APART FROM THE SMALL SERVICE FEE OF $10 FOR FILING ANNUAL RETURNS WITH THE REGISTRAR OF COMPANIES.
AT PRESENT, BECAUSE THEY WERE NOT CARRYING ON A BUSINESS, THEY WERE NOT LIABLE TO REGISTER UNDER THE BUSINESS REGISTRATION ORDINANCE.
THE FINANCIAL SECRETARY PROPOSED TO AMEND THE ORDINANCE WITH EFFECT FROM APRIL 1 SO THAT ALL COMPANIES INCORPORATED OR REGISTERED UNDER THE COMPANIES ORDINANCE WOULD ALSO BE OBLIGED. TO REGISTER UNDER THE BUSINESS REGISTRATION ORDINANCE AND PAY THE ANNUAL FEE OF $150.
/+IN ADDITION ....