WILL YEAR.
WEDNESDAY, MARCH 4, 1992
*
17
THE SALE OR
1992;
TO EXTEND THE APPLICATION OF STAMP DUTY TO TRANSFER OF COVERED WARRANTS, EFFECTIVE FROM APRIL 1,
10.5% TO
TO INCREASE THE TAX RATE FOR STANDARD BETS FROM 11.5% AND FOR EXOTIC BETS FROM 17% TO 17.5%, EFFECTIVE THE BEGINNING OF THE NEXT RACING SEASON;
FROM
TO EXTEND THE REQUIREMENT TO PAY DUTY ON LIGHT DIESEL OIL TO LOCALLY REGISTERED PLEASURE CRAFT FROM JUNE 1 THIS YEAR; AND
TO INCREASE
TOBACCO, ON
HYDROCARBON
OILS, THE DUTIES ALCOHOLIC BEVERAGES AND ALCOHOL BY 10% WITH IMMEDIATE EFFECT.
THE FINANCIAL SECRETARY ALSO PROPOSED FIVE CONCESSIONS, COST $1.8 BILLION FOR 1992-93, AND ABOUT $2.1 BILLION IN A
THESE CONCESSIONS ARE:-
WHICH FULL
*
TO INCREASE ACROSS-THE-BOARD PERSONAL ALLOWANCES OF SALARIES TAX WITH EFFECT FROM THE YEAR OF ASSESSMENT COMMENCING APRIL 1, 1992;
TO ABOLISH DUTY ON SOFT DRINKS WITH IMMEDIATE EFFECT;
TO ABOLISH ENTERTAINMENTS TAX IN RESPECT OF CINEMA FROM APRIL 1 THIS YEAR;
TICKETS
TO EXEMPT FRANCHISED BUS COMPANIES COMPLETELY FROM THE ON DIESEL FUEL WITH IMMEDIATE EFFECT; AND
TAX
TO FURTHER LOWER THE STAMP DUTY ON STOCK TRANSFERS TO EFFECTIVE FROM APRIL 1, 1992.
0.4%,
CORPORATE PROFITS TAX AND GENERAL RATES TO INCREASE: FS
BUDGET THE FINANCIAL SECRETARY, THE HON HAMISH MACLEOD, IN HIS
(WEDNESDAY) HAD SPEECH FOR 1992-93 TO THE LEGISLATIVE COUNCIL TODAY
16.5% TO FROM
17.5%, TO PROPOSED
CORPORATE PROFITS TAX INCREASE APPLICABLE TO ASSESSMENTS FOR 1992-93.
THIS WILL YIELD $850 MILLION IN 1992-93, RISING TO $1.6 BILLION IN A FULL YEAR.
BELOW THE MODEST
THE FINANCIAL SECRETARY SAID THE NEW RATE WOULD BE HISTORICAL HIGH OF 18.5% REACHED IN 1984-85 AND REPRESENTED A INCREASE.
APPRECIABLE NO
IMPACT
ON EITHER LOCAL OR "IT WILL HAVE INTERNATIONAL ENTHUSIASM FOR INVESTMENT IN HONG KONG," HE SAID.
/RATES