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TUESDAY, SEPTEMBER 13, 1977
MORE PEOPLE PAYING TAXES
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THE NUMBER OF ACTIVE SALARIES TAX FILES AT THE END OF LAST FINANCIAL YEAR STOOD AT 274,530, REPRESENTING A NET INCREASE OF 22 PER CENT OVER THE PREVIOUS YEAR.
THE NUMBER OF PERSONS WHO WERE ACTUALLY ASSESSED TO TAX FOR THE CURRENT YEAR OF ASSESSMENT INCREASED BY 24.2 PER CENT FROM 175,761 TO 218,432.
TOTAL SALARIES TAX ASSESSED DURING 1976-77 AMOUNTED TO A RECORD $622.1 MILLION WHICH REPRESENTS AN INCREASE OF 18 PER CENT COMPARED WITH $526.9 MILLION IN THE PREVIOUS YEAR, ACCORDING TO INLAND REVENUE DEPARTMENT FIGURES.
AS IN PREVIOUS YEARS, THE LARGEST NUMBER OF TAXPAYERS (72.4 PER CENT) FELL WITHIN THE INCOME RANGE OF $1,000 TO $3,000 PER MONTH.
THE COMMISSIONER OF INLAND REVENUE, MR. R.V. GIDDY ATTRIBUTED THE INCREASE TO RISING TREND OF SALARIES IN HONG KONG WHICH BROUGHT MORE PERSONS INTO THE TAXABLE BRACKET.
+ALTHOUGH THE INCREASE IN TOTAL TAX ASSESSED REFLECTS THE CONTINUED INCREASE IN THE LEVEL OF EMOLUMENTS BEING PAID TO EMPLOYEES, THE AMOUNT OF TAX PER DEMAND NOTE SHOWED A REDUCTION FROM $3,058 TO $2,467.
+THIS IS MAINLY DUE TO THE INCREASE IN THE NUMBER OF CASES COMING INTO THE TAX NET AT THE LOWER END OF THE INCOME SPECTRUM,+ MR. GIDDY EXPLAINED.
HE ALSO POINTED OUT THAT EMPLOYERS PLAYED AN IMPORTANT ROLE IN SALARIES TAX ASSESSING AS THEY WERE REQUIRED BY LAW TO SUBMIT EACH YEAR RETURNS OF EMPLOYEES' EMOLUMENTS.
THE TOTAL REVENUE COLLECTED FROM ALL SOURCES OF TAXES, DUTIES AND FEES DURING THE YEAR_AMOUNTED TO $3,543.9 MILLION, AN INCREASE OF 22.3 PER CENT OVER THE PREVIOUS FINANCIAL YEAR.
THE DEPARTMENT'S FIGURES SHOWED THAT $2,698.7 MILLION OF THE TOTAL NET REVENUE COLLECTED WAS DERIVED FROM EARNINGS AND PROFITS TAX - A RISE OF 20.8 PER CENT WHEN COMPARED WITH THE COLLECTION IN THE YEAR 1975-76.
THE REMAINDER CAME FROM ESTATE DUTY, STAMP DUTY, ENTERTAINMENT TAX, BETTING DUTY, BUSINESS REGISTRATION FEES AND HOTEL ACCOMMODATION TAX.
THE COLLECTIONS FROM THESE SOURCES OF REVENUE ALSO SHOWED INCREASES, WITH GROWTH RATES RANGING FROM 11.8 PER CENT FOR STAMP DUTY REVENUE TO 64 PER CENT FOR THAT COLLECTED FROM BETTING DUTY.
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