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WEDNESDAY, MARCH 3,
1993
TIME RIGHT TO REMOVE DUTY ON COSMETICS
ON
LEGISLATION WILL BE INTRODUCED TO ABOLISH THE PRESENT DUTY COSMETICS, THE FINANCIAL SECRETARY, THE HON HAMISH MACLEOD, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
"FOLLOWING MY ABOLITION LAST YEAR OF THE DUTY ON SOFT DRINKS, AND IN THE LIGHT OF REQUESTS BY THE TOURISM AND COSMETICS INDUSTRIES, I AM NOW PERSUADED THAT IT IS THE RIGHT TIME TO TAKE ACTION ON THE DUTY OF 30% ON COSMETIC PRODUCTS, WHICH INCLUDE, FOR EXAMPLE, MANY
ORDINARY SKIN CREAMS AND PERFUMES AS WELL AS MORE EXPENSIVE BEAUTY PRODUCTS," MR MACLEOD SAID IN PRESENTING HIS 1993/94 BUDGET.
THE CONCESSION WOULD COST $400 MILLION IN 1993/94, AND $1.7 BILLION OVER THE PERIOD UP TO 1996/97. HE ANTICIPATED THAT THE INDIRECT BENEFIT TO THE ECONOMY AS A RESULT OF INCREASED PURCHASES BY TOURISTS WOULD BE SIGNIFICANT.
"I HAVE RECEIVED AN UNDERTAKING FROM THE COSMETICS TRADE ASSOCIATIONS THAT, IF THE DUTY IS ABOLISHED, RETAIL PRICES OF COSMETIC PRODUCTS WILL BE REDUCED IN THE COMING YEAR BY AN AVERAGE OF BETWEEN 10-12%, HE ADDED.
CHEST TO BENEFIT FROM REMOVAL OF TAX
本本
THE ROYAL HONG KONG JOCKEY CLUB WILL MAKE A DONATION OF $10 MILLION ANNUALLY TO THE COMMUNITY CHEST FOLLOWING THE REMOVAL OF A TAX ON ENTRANCE TO RACE MEETINGS,
THE TAX, COLLECTED BY THE ROYAL HONG KONG JOCKEY CLUB AND PASSED ON TO THE GOVERNMENT, WAS THE ONLY REMAINING TAX LEVIED UNDER THE ENTERTAINMENT TAX ORDINANCE, THE FINANCIAL SECRETARY, THE HON HAMISH MACLEOD, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
"WHILE THIS MEASURE WILL INCREASE THE JOCKEY CLUB'S REVENUE BY NEARLY $10 MILLION IN 1993/94, THE CLUB HAS KINDLY AGREED TO DONATE AN EQUIVALENT AMOUNT EACH YEAR TO THE COMMUNITY CHEST.
"THE DONATION WILL GO TOWARDS MEETING THE CHEST'S OPERATING EXPENSES. THIS WILL MEAN THAT, IN FUTURE, EVERY DOLLAR MEMBERS OF THE PUBLIC DONATE TO THE CHEST WILL DIRECTLY BENEFIT THE CHARITY FOR WHICH IT WAS INTENDED, HE SAID IN PRESENTING HIS 1993/94 BUDGET.
"I SEE MERIT IN TIDYING UP AND SIMPLIFYING OUR TAX SYSTEM FURTHER BY REMOVING THE ENTERTAINMENT TAX FROM THE STATUTE BOOK ALTOGETHER, HE SAID.
H
/MR MACLEOD
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