3
MONDAY, NOVEMBER 22, 1976
HE RECALLED THAT THE FINANCIAL SECRETARY, IN HIS BUDGET SPEECH EARLIER THIS YEAR, HAD SAID THAT THE STANDARD RATE OF PROPERTY TAX COULD NOT BE FREELY ADJUSTED IN THE SAME WAY AS RATES.
+TO REMEDY THIS SITUATION, GOVERNMENT HAS INTRODUCED NEW BASE VALUES, KNOWN AS +ASSESSABLE VALUES+ AND +NET ASSESSABLE VALUES+, AND THESE FORM THE BASIS OF THE CHARGE FROM THIS YEAR ONWARDS,+ HE SAID.
HE POINTED OUT, HOWEVER, THAT THIS WAS NOT A RADICAL DEPARTURE FROM THE RATEABLE VALUE CONCEPT FOR ASSESSABLE VALUES+ - THE VALUES PROVIDED BY THE RATING AND VALUATION DEPARTMENT FOR THE INLAND REVENUE DEPARTMENT - WERE ESTIMATED MORE OR LESS IN THE SAME WAY AS RATEABLE VALUES AND INDEED, FOR THE GENERALITY OF CASES THE DEFINITION WAS THE SAME,
+WHERE THE VALUE DIFFER IS WHERE THE RENT IS ONE CONTROLLED UNDER THE LANDLORD AND TENANT ORDINANCE, AND HERE THE CONTROLLED RENT IS TAKEN INTO ACCOUNT, FOR OBVIOUSLY IT WOULD BE UNFAIR FOR GOVERNMENT ON THE ONE HAND TO RESTRICT THE RENT A LANDLORD MAY COLLECT AND AT THE SAME TIME TAX HIM ON THE BASIS OF A HIGHER FIGURE.
+THEREFORE WHERE THE RENT IS A CONTROLLED ONE THE ASSESSABLE VALUE IS LIKELY TO BE LOWER THAN THE RATEABLE VALUE AND THERE COULD ALSO BE DIFFERENCES IN CERTAIN INSTANCES DUE TO THE DIFFERENT TIME BY REFERENCE TO WHICH THE TWO VALUES ARE ASSESSED, HE SAID.
J
+THE FIGURE ON WHICH PROPERTY TAX IS ACTUALLY CHARGED, + HE ADDED, IS THE 'NET ASSESSABLE VALUE* THAT IS THE 'ASSESSABLE VALUE' LESS AN ALLOWANCE OF 20 PER CENT FOR REPAIRS AND OUTGOINGS.+
•
عالم