22
WEDNESDAY, MARCH 2, 1988
"AS THIS CONCESSION WILL BE INTRODUCED WITH EFFECT FROM THE YEAR OF ASSESSMENT COMMENCING APRIL 1, 1988, THE FIRST OCCASION ON WHICH IT WILL APPLY WILL BE TO PROVISIONAL AND FINAL SALARIES TAX ASSESSMENTS FOR 1988-89, AND ALSO TO 1988-89 PERSONAL ASSESSMENTS."
LAST
MR JACOBS RECALLED THAT IN DEBATING HIS BUDGET PROPOSALS YEAR, A NUMBER OF LEGISLATIVE COUNCIL MEMBERS CALLED FOR SEPARATE TAXATION FOR WORKING WIVES.
WHILE CONCLUDING THE DEBATE LAST YEAR, HE THEN EXPLAINED WHY HE DID NOT CONSIDER THAT SEPARATE TAXATION WAS APPROPRIATE.
"SINCE THAT TIME, THERE HAS BEEN CONTINUED PUBLIC DEBATE ON THIS SUBJECT: I AM ALSO AWARE OF THE TREND IN SOME OTHER TAX ADMINISTRATIONS IN THE DIRECTION OF SEPARATE TAXATION," HE SAID.
"IN ALL THE CIRCUMSTANCES, I AM NOW PREPARED TO CONSIDER FURTHER HOW SEPARATE TAXATION FOR WORKING WIVES MIGHT BRST BE INTRODUCED.
"I MUST WARN, HOWEVER, THAT THERE ARE A QUESTIONS TO BE RESOLVED NOT THE LEAST OF WHICH TRANSFERABILITY OF ALLOWANCES BETWEEN SPOUSES.
NUMBER OF DIFFICULT IS THE QUESTION OF
"THIS 18 A COMPLEX SUBJECT WITH MANY OPTIONS TO BE CONSIDERED
IF WE ARE TO ENSURE BROADLY EQUITABLE TREATMENT.
IT WOULD
NOT BE FEASIBLE TO INTRODUCE SEPARATE TAXATION OVERNIGHT."
THEREFORE
BECAUSE
MR JACOBS ADDED THAT HE PROPOSED THE LATEST CONCESSION OF THE DIFFICULTIES INVOLVED IN IMPLEMENTING SEPARATE TAXATION AND SO THAT SOME BENEFIT COULD BE ENJOYED NOW.
CONCESSIONS TO BENEFIT BUSINESSMEN, HOME BUYERS, TRAVELLERS
*
AND
CONCESSIONS HAVE BEEN PROPOSED IN THE 1988-89 BUDGET ESTIMATES WHICH WOULD BENEFIT BUSINESSMEN, PROPERTY OWNERS, HOME PURCHASERS TRAVELLERS, THE FINANCIAL SECRETARY, THE HON PIERS JACOBS, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
"AS TO PROFITS TAX I PROPOSE A REDUCTION IN THE
+ ON CORPORATE PROFITS FROM 18 PER CENT TO 17 PER CENT,
||
RATE OF TAX HE SAID.
THE COST OF THE REDUCTION PROPOSED WAS $370 MILLION IN 1988-89 AND, FOR A FULL YEAR, $760 MILLION. THE NEW CORPORATE RATE OF 17 PER CENT WOULD APPLY TO PROVISIONAL AND FINAL ASSESSMENTS FOR 1988-89, ADDED.
НЕ
/MR JACOBS