WEDNESDAY, JANUARY 26, 1994
BUSINESS REGISTRATION FEES AND PENALTIES SET TO INCREASE
RESOLUTION THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) PASSED A
UNDER THE BUSINESS INCREASE VARIOUS FEES AND PENALTIES PAYABLE REGISTRATION ORDINANCE.
TO
THE INCREASE WOULD TAKE EFFECT ON MARCH 1.
ADDITIONAL REVENUE IS ESTIMATED AT MORE THAN $1 MILLION A YEAR.
THE SECRETARY FOR
THE
MR A
MOVING THE RESOLUTION,
TREASURY, DONALD TSANG, PROPOSED TO REVISE THE REGISTRATION FEE IN RESPECT OF
THE INCREASE IN BRANCH OF
FROM $60 TO $66, IN LINE WITH BUSINESS COSTS.
TO PRESERVE THE DETERRENT EFFECT, MR TSANG ALSO RECOMMENDED THE AND BRANCH PENALTIES FOR NON-PAYMENT OF BUSINESS REGISTRATION FEES
$150 AND $60 TO $165 то $66 REGISTRATION FEES BE INCREASED FROM RESPECTIVELY.
BOTH THE FEES AND PENALTIES WERE LAST REVISED LAST YEAR.
NO PLAN TO ISSUE BANK CHARGE GUIDELINES
REGARD
THE GOVERNMENT HAS NO PLAN TO ISSUE ANY GUIDELINES WITH TO BANKS' CHARGING OF ADMINISTRATIVE FEES, THE SECRETARY FOR FINANCIAL SERVICES, MR MICHAEL CARTLAND, SAID TODAY (WEDNESDAY).
HE SAID THE LEVY OF CHARGES RELATING TO MORTGAGE COMMERCIAL MATTER FOR THE BANKS.
LOANS WAS A
THE
DOES NOT CONSIDER THERE TO BE A GOVERNMENT MERITS INTERVENTION, HE ADDED.
PROBLEM THAT
REPLYING TO A
QUESTION
COUNCIL, MR CARTLAND
BY THE HON PANG
IN THE CHUN-HOI SAID NOT ALL BANKS CHARGED
LEGISLATIVE APPLICATION FEES.
HE SAID.
"MORTGAGE APPLICANTS THEREFORE DO HAVE A CHOICE IN THE MATTER,
17
AND
ACCORDING TO A SURVEY BY THE HONG KONG MONETARY AUTHORITY, APPLICATION FEES FOR MORTGAGE LOANS TYPICALLY VARY BETWEEN $1,000 $2,500 FOR EACH APPLICATION FROM INDIVIDUALS.
SUCH FEES ARE NON-REFUNDABLE AND ARE MAINLY INTENDED TO THE BANKS' HANDLING CHARGES.
COVER
HAVE SAID.
"WE DO NOT THINK HOWEVER THAT SUCH CHARGES WOULD BY A SIGNIFICANT EFFECT IN DISCOURAGING PROPERTY SPECULATION,"
THEMSELVES
HE
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