WEDNESDAY, MARCH 6, 1991
FEES
35
THE FINANCIAL SECRETARY FURTHER PROPOSED TO INCREASE BY 13 PER CENT FROM APRIL 1, 1991.
REVENUE
BERTHING
ARISING FROM
THESE
HE ESTIMATED TOTAL ADDITIONAL INCREASES TO BE $12 MILLION IN 1991-92 OR $20 MILLION IN A FULL YEAR.
TRANSFER OF VEHICLE OWNERSHIP FEE
THE FINANCIAL SECRETARY PROPOSED TO TAX-LOAD THE FEE TRANSFER OF VEHICLE OWNERSHIP.
FOR THE
OF A THE PRESENT FEE PAYABLE ON THE TRANSFER OF OWNERSHIP VEHICLE IS $50. THIS PROPOSAL WOULD RESULT IN THE FEE BEING RAISED TO OF $250 FOR MOTOR CYCLES AND TRICYCLES AND TO $1,000 FOR OTHER TYPES VEHICLE.
THE
INCREASE
CAME INTO EFFECT
THIS
AFTERNOON ADDITIONAL REVENUE YIELD WAS ESTIMATED TO BE $140 MILLION.
AND
THE
THE
CONCESSIONS ON PERSONAL TAXATION AND STAMP DUTY
FINANCIAL
* *
THE SECRETARY,
HON SIR PIERS
JACOBS
TODAY
(WEDNESDAY) PROPOSED TO REVISE THE MARGINAL RATES OF TAX FOR SALARIES TAX AND PERSONAL ASSESSMENT, AND TO INCREASE PERSONAL ALLOWANCES.
IN HIS 1991-92 BUDGET SPEECH, THE
SECRETARY FINANCIAL
ALSO DUTY ON SHARE PROPOSED, IN RELATION TO STAMP DUTY, TO REDUCE THE TRANSFERS AND EXEMPT DEBT INSTRUMENTS, AND PROVIDED A FURTHER SPECIFIC RELIEF IN RELATION TO CERTAIN CORPORATE RESTRUCTURING ARRANGEMENTS.
PERSONAL TAXATION
A
PROPOSED THAT FOR PERSONAL TAXATION, THE FINANCIAL SECRETARY SCHEDULE 2 OF THE INLAND REVENUE ORDINANCE BE AMENDED TO PROVIDE SIMPLIFIED FOUR-BAND SCALE. THE NEW MARGINAL RATES WILL BE TWO
AND 17 PER NINE
PER CENT THE FIRST UPON
$20,000, RESPECTIVELY UPON THE NEXT TWO BANDS OF $20,000 AND 25 PER CENT THE REMAINDER.
CENT
PER
CENT UPON
SIR PIERS SAID TAXPAYERS WITH LOWER INCOMES STOOD
TO BENEFIT
MOST.
HE
ALLOWANCES RESPECTIVELY.
ALSO PROPOSED
FROM $32,000
TO
AND
$66,000
INCREASE BASIC AND MARRIED PERSON'S
ΤΟ $34,000
AND
$68,000
THUS,
TAKEN TOGETHER WITH THE EXISTING ADDITIONAL THE NEW PERSONAL ALLOWANCE WOULD BE $41,000 FOR A SINGLE PERSON, $82,000 FOR A MARRIED COUPLE. BELOW THESE INCOME LEVELS, BE NO LIABILITY TO PERSONAL TAX, SIR PIERS SAID.
ALLOWANCE,
THERE
AND WOULD
/THE FINANCIAL