THURSDAY, MARCH 29, 1984
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MAINTAINING THAT THE WAYS TO DEAL WITH A FISCAL DEFICIT HAD ALWAYS BEEN TO INCREASE REVENUE AND TO REDUCE EXPENSES, MR YEUNG SAID THE EMPHASIS SHOULD BE TO CUT UNNECESSARY EXPENDITURE IN THE PUBLIC SECTOR AS MUCH AS POSSIBLE, WHILE STREAMLINING THE ADMINISTRATIVE STRUCTURE AND IMPROVING EFFICIENCY AT THE SAME
TIME.+
+IN THIS RESPECT, THE GOVERNMENT SHOULD ACTIVELY EXAMINE AND IMPLEMENT THE POLICY OF LOCALISATION OF CIVIL SERVANTS, REDUCE THE EXPENSES OF EMPLOYING EXPATRIATE STAFF, AND TIGHTEN UP ITS SUPERVISION AND MONITORING, HE SAID.
MOTION FOR MORE BETTING DUTY PASSED *****
THE LEGISLATIVE COUNCIL TODAY PASSED THE FINANCIAL SECRETARY, SIR JOHN BREMRIDGE'S MOTION FOR INCREASES IN BETTING DUTY.
THE RESOLUTION RAISES THE DUTY ON STANDARD BETS FROM 8.5 TO NINE PER CENT, BUT THE POOL OF PRIZE MONEY WILL REMAIN UNCHANGED.
IT INCREASES THE DUTY ON EXOTIC BETS FROM 13.5 PER CENT TO 15 PER CENT, WITH ONE PER CENT OF THE INCREASE TO BE BORNE BY THE PUNTER SO THAT THE POOL OF PRIZE MONEY IS ALSO REDUCED ACCORDINGLY.
UNDER THE RESOLUTION, THE DUTIES PAYABLE ON LOTTERIES AND CASH SWEEPS ARE INCREASED FROM 27 TO 30 PER CENT. AS ONE PER CENT OF THIS INCREASE IS TO BE BORNE BY THE PUNTER, THE POOL OF PRIZE HONEY IS ALSO REDUCED.
+AS | EXPLAINED IN MY BUDGET SPEECH, THE INCREASED DUTY SHOULD BRING IN $151 MILLION IN THE COMING FINANCIAL YEAR. THE JOCKEY CLUB WILL BE SHOULDERING THE MAJOR PORTION OF THE INCREASE, SIR JOHN SAID IN MOVING THE MOTION.
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