THURSDAY, JULY 1, 1993
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"ON THE OTHER HAND, THE REQUIREMENT OF AN AUTOMATIC SAFE LOAD INDICATOR TO BE FITTED ON CRANES WOULD COME INTO OPERATION SIX MONTHS AFTER APPROVAL BY THE LEGISLATIVE COUNCIL SO THAT THERE WOULD BE SUFFICIENT TIME FOR INSTALLATION.
"THE OTHER PROVISIONS WOULD BE BROUGHT INTO EFFECT IMMEDIATELY AFTER LEGISLATIVE COUNCIL HAS GIVEN ITS APPROVAL," HE ADDED.
REDUCTION IN AD VALOREM LEVY ON IMPORTS PROPOSED
THE GOVERNMENT IS PROPOSING TO REDUCE THE AD VALOREM LEVY (AVL) ON IMPORTS FROM 0.05 PER CENT TO 0.035 PER CENT OF THE VALUR OF THE IMPORTS, A GOVERNMENT SPOKESMAN SAID TODAY (THURSDAY).
THE PROPOSALS ARB CONTAINED IN THE IMPORT AND EXPORT (REGISTRATION) (AMENDMENT) REGULATION 1993 WHICH WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL ON JULY 21.
SUBJECT TO THE APPROVAL OF THE LEGISLATIVE INTENDED THAT THE REDUCTION WILL COME INTO EFFECT ON YEAR.
COUNCIL, IT ts OCTOBER 1 THIS
AS A RESULT OF THE PROPOSED REDUCTION, IT IS ESTIMATED THAT IMPORTERS WILL STAND TO SAVE SOME $90 MILLION IN THE LEVY ON IMPORTS IN 1993/94 AND MORE THAN $1 BILLION OVER A PERIOD OF FIVE YEARS.
THIS WILL BENEFIT NOT ONLY IMPORTERS BUT ALSO MANUFACTURERS WHO RELY ON IMPORTED RAW MATERIALS OR COMPONENTS FOR THEIR PRODUCTION.
THE SPOKESMAN SAID THE PROPOSED REDUCTION WOULD ALSO HAVE THE EFFECT OF REDUCING THE GOVERNMENT'S SUBVENTION TO THE DEVELOPMENT COUNCIL (TDC).
TRADE
HISTORICALLY GOVERNMENT'S SUBVENTION ΤΟ
BEEN CALCULATED
GOVERNMENT.
THE
TDC
HAS BY THE
BY REFERENCE ΤΟ THE NET AVL COLLECTED
"BECAUSE OF THE TDC'S SOUND FINANCIAL POSITION AND ITS SUCCESS IN GENERATING ITS OWN REVENUE, THE GOVERNMENT HAS REACHED AN AGREEMENT WITH THE TDC TO REDUCE THE GOVERNMENT'S ANNUAL SUBVENTION TO THE TDC, BY THE SAME AMOUNT AS THE REDUCTION IN THE REVENUE FROM THE AVL ON IMPORTS COLLECTED BY THE GOVERNMENT,
++ THE SPOKESMAN SAID.
HE ADDED THAT THE PROPOSALS HAD THE FULL SUPPORT OF THE MEMBERS OF THE TDC INCLUDING THE REPRESENTATIVES OF THE MAJOR TRADE AND INDUSTRIAL ORGANISATIONS.
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