1
FRIDAY, MARCH 31, 1989
ASSESSED ON VOLUME OF
BEER
THE BILL ALSO CHANGES THE METHOD BY WHICH DUTY IS BEER TO ONE UNDER WHICH DUTY
ASSESSED ON THE RELEASED FOR LOCAL SALE.
IS
ORDINANCE PROVIDE FOR AN
VEHICLES
THE AMENDMENTS TO THE ROAD TRAFFIC EIGHT PER CENT INCREASE IN THE ANNUAL LICENCE FEES FOR MOTOR AS WELL AS THE FEES FOR DRIVING LICENCES, PERMITS AND DRIVING TESTS.
REVENUE ORDINANCE. UNDER THE AMENDMENTS PROPOSED TO THE INLAND
FOR THE FINANCIAL SECRETARY HAS PROVIDED
FIVE
IN THE CONCESSIONS THE AREA OF BUSINESS AREA OF PERSONAL TAXATION, TWO CONCESSIONS IN
FOR THE PROFITS TAX, ONE CONCESSION IN THE AREA OF PROPERTY TAX, AND COMPLETE ABOLITION OF INTEREST TAX.
ΤΟ
WILL APPLY THE PERSONAL, PROFITS AND PROPERTY TAX CONCESSIONS
FINAL ASSESSMENTS TO PROVISIONAL AND
FOR THE YEAR OF ASSESSMENT WHERE COMMENCING APRIL 1, 1989, AND ALSO,
APPROPRIATE, PERSONAL ASSESSMENTS. THE ABOLITION OF INTEREST TAX IS EFFECTIVE YEAR OF ASSESSMENT COMMENCING APRIL 1, 1989.
1989-90 FROM
THE STANDARD RATE THE TAX CONCESSIONS INCLUDE A REDUCTION IN
CENT IN FROM 15.5 TO 15 PER CENT AND A REDUCTION FROM 17 TO 16.5 PER THE RATE OF PROFITS TAX PAYABLE BY CORPORATIONS,
IN ADDITION,
PROPOSED IT IS
TO REVISE CERTAIN PERSONAL
ALLOWANCES,
AND TAXATION
INTRODUCE
PARENT" A "SINGLE INCREASE THE INITIAL ALLOWANCE FOR EXPENDITURE INCURRED ON MACHINERY AND PLANT.
ALLOWANCE,
QUALIFYING
IT IS
THAT ESTIMATED
THE
PROPOSALS
WILL
REVENUE RAISING
IN 1989-90. THE COST TO THE PROVIDE AN ADDITIONAL $409 MILLION REVENUE OF THE TAXATION CONCESSIONS PROPOSED IS ESTIMATED TO BE $1,100 MILLION IN 1989-90, AND $1,735 MILLION IN A FULL YEAR.
THE AMENDMENT BILLS ARE EXPECTED TO BE
LEGISLATIVE COUNCIL ON APRIL 12.
CAN
WRITE
MEMBERS OF THE PUBLIC WHO WISH TO TO THE SECRETARY FOR THE SECRETARIAT, FOURTH FLOOR,
GOVERNMENT
INTRODUCED INTO THE
COMMENT ON THE AMENDMENTS
TREASURY,
FINANCE GOVERNMENT
BRANCH,
OFFICES
ΤΟ
OMELCO, 8
JACKSON
CENTRAL
(EAST WING), LOWER ALBERT ROAD, HONG KONG, OR ROAD, HONG KONG.
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