WEDNESDAY, APRIL 2, 1986
CONSIDERATION IS ALSO GIVEN TO REDESIGNATING ITEMS WHICH HAVE EXCEEDED THESE LIMITS IN PREVIOUS YEARS, BUT WHICH NO LONGER EXCEED THEM.
THE SPOKESMAN WELCOMED THE REDESIGNATION OF TSUS 685.90 (SWITCHBOARD PANELS, ETC). HE SAID THAT IN MARCH THIS YEAR THE TRADE DEPARTMENT HAD REQUESTED REDESIGNATION OF THIS AND OTHER ITEMS WHERE TRADE HAD FALLEN BELOW THE RELEVANT 50 PER CENT OR U.S.$70 MILLION LEVELS.
THE SPOKESMAN NOTED THAT A FURTHER U.S.$515 MILLION OF TRADE IN ITEMS WHICH HAD PREVIOUSLY BEEN EXCLUDED FROM THE SCHEME AND WHICH NOW FELL BELOW THE RELEVANT LEVELS HAD NOT BEEN REDESIGNATED.
HE SAID: THE U.S. PRESIDENT HAS DISCRETIONARY AUTHORITY NOT TO REINSTATE SUCH ITEMS FOR DUTY-FREE TREATMENT UNDER THE GSP. IT IS UNDERSTOOD THAT DECISIONS IN THIS REGARD ARE MADE ON THE BASIS OF A COUNTRY'S LEVEL OF DEVELOPMENT, ITS COMPETITIVENESS IN A SPECIFIC PRODUCT AND THE OVERALL ECONOMIC INTERESTS OF THE UNITED STATES.+
+WE ARE NATURALLY DISAPPOINTED THAT ONLY ONE ITEM WAS REDESIGNATED. WE WILL MAKE FURTHER REQUESTS FOR REDESIGNATION OF RELEVANT ITEMS AT AN APPROPRIATE TIME.
PUTTING THE CHANGES IN PERSPECTIVE, THE SPOKESMAN SAID THAT TOTAL IMPORTS OF GSP ITEMS FROM HONG KONG IN 1985 AMOUNTED TO U.S.$3 726 MILLION. OF THIS, TRADE AMOUNTING TO U.S.$2 517 MILLION WAS NOT ELIGIBLE FOR DUTY-FREE STATUS, AND TRADE AMOUNTING U.S. $1 208 MILLION WAS ELIGIBLE FOR DUTY-FREE STATUS UNDER THE GSP PROGRAMME.
TAX CERTIFICATE INTEREST INCREASED
*****
AS FROM TOMORROW (THURSDAY), THE NEW ANNUAL RATE OF INTEREST PAYABLE ON TAX RESERVE CERTIFICATES WILL BE 4.32 PER CENT (TAX FREE) AS AGAINST THE CURRENT RATE OF 3.36 PER CENT (TAX FREE).
NOTICE OF THIS WAS PUBLISHED IN AN EXTRAORDINARY ISSUE OF THE GAZETTE YESTERDAY (TUESDAY).
INTEREST ON TAX RESERVE CERTIFICATES IS CALCULATED IN MONTHLY STEPS AND THE NEW RATE WILL BE $0.36 PER MONTH PER $100. INTEREST WILL BE CREDITED AS BEFORE IN RESPECT OF COMPLETE MONTHS BETWEEN PURCHASE AND SURRENDER IN PAYMENT OF TAX, A SPOKESMAN FOR THE INLAND REVENUE DEPARTMENT SAID.
/INTEREST IS