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WEDNESDAY, APRIL 21, 1993
THE EFFECT OF THE ESTATE DUTY (AMENDMENT) BILL 1993 WOULD BE TO CHANGE THE LEVELS AT WHICH ESTATE DUTY IS LEVIED SO AS TO REDUCE IMPACT WHICH THE TAX HAS ON RELATIVELY SMALL ESTATES.
THE
THE ENTERTAINMENTS TAX (REPEAL) BILL 1993 SEEKS TO ABOLISH THE TAX ON THE ENTRANCE TO RACE MEETINGS.
THE ACTING FINANCIAL SECRETARY, THAT THE JOCKEY CLUB HAD KINDLY AGREED CHEST AN AMOUNT EQUIVALENT TO THE TAX EVERY YEAR.
THE HON K Y YEUNG,
CONFIRMED TO DONATE TO THE COMMUNITY WHICH WAS PREVIOUSLY PAYABLE
ON THE STAMP DUTY (AMENDMENT) BILL 1993, MR YEUNG SAID THE EFFECT WOULD BE TO REDUCE THE RATE OF STAMP DUTY PAYABLE ON THE SALE AND PURCHASE ON TRANSFER OF STOCK FROM 0.4 PER CENT TO 0.3 PER CENT.
THIS CONCESSION IS DESIGNED TO ENSURE HONG KONG'S CONTINUED COMPETITIVENESS IN INTERNATIONAL STOCK TRADING.
"I AM CONFIDENT THAT THE INDUSTRY WILL PASS ON THE FULL BENEFIT OF THIS CONCESSION TO INVESTORS," HE SAID.
THE DUTIABLE COMMODITIES (AMENDMENT) BILL 1993 HAS THREE
PURPOSES.
FIRST, IT ABOLISHES THE DUTY ON COSMETICS.
SECONDLY, IT WOULD INCREASE THE DUTY RATES ON LIQUOR, TOBACCO
AND FUEL.
"I SHOULD EMPHASISE THAT THESE ARE NOMINAL INCREASES DESIGNED SIMPLY ΤΟ MAINTAIN THE REAL VALUE OF THE DUTY IMPOSED IN LINE WITH INFLATION."
FOR THIS REASON, THOSE DUTY RATES WHICH ARE SET VALOREM BASIS HAVE REMAINED UNCHANGED.
ON AN AD
THIRDLY, A CLAUSE OF THE BILL IS PART OF A PACKAGE OF ADDITIONAL TAX CONCESSIONS TO DISABLED DRIVERS OFFERED IN THREE OTHER BILLS INTRODUCED INTO THE COUNCIL TODAY.
THE CLAUSE HAS THE EFFECT OF EXEMPTING FROM DUTY ON FUEL FOR DISABLED DRIVERS OF MOTORCYCLES OR TRICYCLES, UP TO A LIMIT OF 100
LITRES A MONTH.
THE FIRST BILL OFFERING CONCESSIONS 18 THE MOTOR VEHICLES (FIRST REGISTRATION TAX) (AMENDMENT) BILL 1993.
THE EFFECT OF THE BILL WOULD BE TO AMEND THE ORDINANCE ΤΟ PROVIDE THAT FIRST REGISTRATION TAX WILL NOT BE PAYABLE ON A MOTORCYCLE OR MOTOR TRICYCLE REGISTERED BY A REGARDLESS OF THE VEHICLE'S TAXABLE VALUE.
DISABLED PERSON,
THE SECOND CONCESSIONARY BILL (MISCELLANEOUS AMENDMENTS) BILL 1993.
IS
THE
ROAD
TRAFFIC
/IT WOULD