WEDNESDAY, MAY 2, 1990
"THIS INCREASE WILL YIELD AN ESTIMATED ADDITIONAL $140 MILLION IN THE CURRENT FINANCIAL YEAR, HE SAID.
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"IT ALSO SEEKS TO INCREASE THE EXEMPTION LIMITS FOR BUSINESSES," SIR PIERS ADDED.
SMALL
UNDER THE LAW AT PRESENT, HE SAID, A BUSINESS WAS EXEMPT FROM THE FEE IF ITS AVERAGE SALES DID NOT EXCEED $1,500 PER MONTH OR, WHERE THE BUSINESS CONSISTED OF RENDERING SERVICES, IF ITS AVERAGE RECEIPTS DID NOT EXCEED $450 PER MONTH.
"IF ENACTED, EXEMPTION WILL TAKE EFFECT IF AVERAGE SALES OR RECEIPTS OF A BUSINESS DO NOT EXCEED $5,000 PER MONTH OR $1,500 PER MONTH RESPECTIVELY, SIR PIERS SAID.
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SIR PIERS ALSO NOTED THAT THE REGISTRATION FEE WAS LAST REVISED IN 1989.
DEBATE ON THE BILL WAS ADJOURNED.
BILL TO INCREASE REGISTRATION FEE FOR LIMITED COMPANIES
A BILL TO GIVE LEGISLATIVE EFFECT TO THE PROPOSALS IN THIS YEAR'S BUDGET ΤΟ INCREASE WITH EFFECT FROM APRIL 1, 1990 THE REGISTRATION FEE PAYABLE BY LIMITED COMPANIES UPON INCORPORATION FROM $600 TO $1,000, WAS INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
MOVING THE SECOND READING OF THE COMPANIES (AMENDMENT) (NO. 3) BILL 1990, THE FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS, SAID THE FEE WAS LAST REVISED IN 1983.
"THIS INCREASE IN REGISTRATION FEE WILL YIELD AN ESTIMATED ADDITIONAL $13 MILLION IN THE CURRENT FINANCIAL YEAR,
DEBATE ON THE BILL WAS ADJOURNED.
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SIR PIERS SAID.
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