WEDNESDAY, APRIL 12, 1989
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"THE NEW SYSTEM WILL ALSO ELIMINATE THE NEED FOR REPAYMENT OF DUTY ON BEER WHICH HAS BEEN EXPORTED, AND WILL GENERALLY SIMPLIFY MATTERS BOTH FOR THE BEER TRADE AND THE CUSTOMS AND EXCISE DEPARTMENT.
BRANDY.
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MR JACOBS SAID THE BILL WOULD ALSO REDUCE THE LEVEL OF DUTY ON
"THIS WILL ELIMINATE THE DIFFERENTIAL ON SPECIFIC DUTY RATES WHICH PREVIOUSLY EXISTED BETWEEN BRANDY AND OTHER SPIRITUOUS LIQUORS, HE ADDED.
THE VARIOUS INCREASES, WHICH ARE DESIGNED TO MAINTAIN THE REVENUE YIELD IN REAL TERMS, WERE ESTIMATED TO YIELD AN ADDITIONAL $266 MILLION IN THE CURRENT FINANCIAL YEAR, MR JACOBS SAID.
DEBATE ON THE BILL WAS ADJOURNED.
BILL SEEKS LEGISLATIVE EFFECT TO TAX CONCESSIONS : FS * * * * *
THE INLAND REVENUE (AMENDEMENT) (NO. 2) BILL 1989 SOUGHT то GIVE LEGISLATIVE EFFECT TO THE TAXATION CONCESSIONS PROPOSED IN THIS YEAR'S BUDGET, THE FINANCIAL SECRETARY, THE HON PIERS JACOBS TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
MOVING THE SECOND READING OF THE INLAND REVENUE (AMENDMENT) (NO. 2) BILL 1989, MR JACOBS, SAID: "THE PROPOSED TAXATION CONCESSIONS INCLUDE A REDUCTION IN THE STANDARD RATE FROM 15.5 PER CENT TO 15 PER CENT.
"THEY ALSO INCLUDE A REDUCTION
IN THE RATE OF PROFITS TAX PAYABLE BY CORPORATIONS FROM 17 PER CENT TO 16.5 PER CENT, HR SAID.
**
IN ADDITION, MR JACOBS SAID THE BILL SOUGHT TO INTRODUCE AN ALLOWANCE FOR THOSE PARENTS, SUCH AS WIDOWS OR SINGLE PARENTS, WHO WERE SOLELY OR PREDOMINANTLY RESPONSIBLE FOR THE CARE OF DEPENDENT CHILDREN, BUT WHO WERE CURRENTLY INELIGIBLE FOR A PERSONAL ALLOWANCE AT THE HIGHER RATE APPLICABLE TO MARRIED PERSONS.
THIS BILL ALSO PROVIDED FOR THE COMPLETE ABOLITION OF TAX AND AN INCREASE IN THE INITIAL ALLOWANCE FOR EXPENDITURE ON QUALIFYING MACHINERY AND PLANT.
INTEREST INCURRED
"I ESTIMATE THE COST TO THE GENERAL
REVENUE OF IMPLEMENTING MILLION IN THE CURRENT PRESENT
THESE PROPOSALS TO BE APPROXIMATELY $1,100 FINANCIAL YEAR, AND $1,735 MILLION PER ANNUM THEREAFTER AT LEVELS OF CHARGEABLE INCOME, MR JACOBS ADDED.
DEBATE ON THE BILL WAS ADJOURNED.
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