ľ
17
WEDNESDAY, OCTOBER 14, 1992
SOME OF THESE REFORMS HAVE SINCE BEEN IMPLEMENTED.
OTHER FEATURES OF THE REFORM PACKAGE OF THIS BILL INCLUDED:
* A
STATUTORY
AWAITING
ENACTMENT
COMPENSATION FUND, TO BE CALLED INDUSTRY
THE TRAVEL COMPENSATION FUND, WILL BE ESTABLISHED TRAVELLERS. IT WILL TAKE OVER THE ASSETS AND LIABILITIES OF THE TRAVEL FOR OUTBOUND INDUSTRY COUNCIL RESERVE FUND AND WILL BE MANAGED BY AN BOARD TO BE APPOINTED BY THE GOVERNOR;
INDEPENDENT
PACKAGE
TOUR
BOTH
OUTBOUND INDUSTRY
* THE SPLITTING OF THE PRESENT LEVY ON OUTBOUND FARES INTO TWO DISCRETE LEVIES: A FUND LEVY AND A COUNCIL LEVY, TO BE PAID BY LICENSED TRAVEL AGENTS ON THE BASIS OF THE PACKAGE TOUR FARES. THE FUND LEVY WILL GO TO THE NEW TRAVEL COMPENSATION FUND FOR THE COMPENSATION OF TRAVELLERS, WHILE COUNCIL LEVY WILL GO TO THE TRAVEL INDUSTRY COUNCIL TO HELP ITS SELF-REGULATORY EFFORTS.
THE
FINANCE
"WITH INCOME FROM THE COUNCIL LEVY, THE TRAVEL INDUSTRY COUNCIL WOULD HAVE A SECURE AND STABLE SOURCE OF FINANCE FOR THE DEVELOPMENT OF A DURABLE SELF-REGULATORY STRUCTURE,
FURTHER MR CHAU SAID.
++
ΤΟ ENSURE THE PROPER USE OF THE COUNCIL LEVY, A SET OF HAVE BEEN AGREED WITH THE TRAVEL INDUSTRY COUNCIL. THEY INCLUDE:
RULES
LIMIT;
* THE TRAVEL INDUSTRY COUNCIL MAY ONLY RETAIN RESERVES UP TO
A
* THE COUNCIL MUST SUBMIT ITS ANNUAL ESTIMATES TO THE FINANCIAL SECRETARY;
* THE COUNCIL WILL BE SUBJECT TO INDEPENDENT AUDITS; AND
VALUE-FOR-MONEY
THE FINANCIAL SECRETARY MAY CONTRIBUTE TOWARDS A CERTAIN PERCENTAGE EXPENDITURE WITH INCOME FROM MEMBERSHIP SOURCES, INITIALLY PROPOSED TO BE SET AT 20
REQUIRE THE OF ITS ANNUAL RECURRENT FEES AND OTHER NON-LEVY PER CENT.
COUNCIL TO
SPECIFIED
THE BILL ALSO PROVIDES THAT THE RATES OF THE TWO LEVIES MAY
BY THE FINANCIAL SECRETARY FROM TIME TO TIME.
BE
IF THIS BILL WAS ENACTED, THE SECRETARY SAID RECOMMENDATION WOULD BE PROPOSED TO THE FINANCIAL SECRETARY TO SET THE FUND LEVY 0.35 PER CENT AND THE COUNCIL LEVY AT 0.15 PER CENT.
AT
DEBATE ON THE BILL WAS ADJOURNED.
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