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WEDNESDAY, MAY 24, 1978
MOTOR VEHICLES (FIRST REGISTRATION TAX) AMENDMENT BILL 1978
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A BILL TO IMPLEMENT THE BUDGET PROPOSAL TO INTRODUCE NEW RATES OF TAX AS FROM MARCH 2 THIS YEAR IN RESPECT OF THE FIRST REGISTRATION OF PRIVATE CARS, WAS INTRODUCED IN THE LEGISLATIVE COUNCIL TODAY.
SPEAKING AT THE SECOND READING OF THE MOTOR VEHICLES (FIRST REGISTRATION TAX) (AMENDMENT) BILL 1978, THE ACTING FINANCIAL SECRETARY, THE HON. DAVID JEAFFRESON, SAID THE BILL SEEKS TO IMPLEMENT THE PROPOSAL THE FINANCIAL SECRETARY MADE IN HIS BUDGET SPEECH THAT THE FIRST REGISTRATION TAX IN RESPECT OF CARS WITH A VALUE ABOVE $20,000 AND UP TO $30,000 SHOULD BE AT 35 PER CENT AND FOR THOSE OVER $30,000 THE TAX SHOULD BE AT 40 PER CENT.
THE FIRST REGISTRATION TAX FOR CARS VALUED UP TO $20,000
REMAINS AT 30 PER CENT.
MR. JEAFFRESON SAID THE PROVISIONS OF THE BILL BECAME EFFECTIVE FROM MARCH 2, THIS YEAR AS A RESULT OF AN ORDER SIGNED BY THE GOVERNOR UNDER THE PUBLIC REVENUE PROTECTION ORDINANCE AND THE ESTIMATED YIELD TO THE REVENUE FROM THE NEW RATES IS $15 MILLION FOR 1973-79.
DEBATE ON THE BILL WAS ADJOURNED.
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