(b)
(c)
- 50.
For some years now, the profits tax contribution by the property business sector has been included under the heading "Estate Development, Investment and Finance (other than Banking)". This category takes in not only property businesses (both development and rental) but also share/bullion/commodity brokers and dealers, investment companies and merchant banks and finance houses which are not authorised institutions. Based on a sample of files, the Commissioner estimates that of the total profits tax contributed by companies coming within this category, some 80% was paid by property businesses. On this basis, he estimates that about $8 billion, or 20% of all profits tax contributions in 1993-94, came from the property sector.
see (a) above.
we cannot say yet whether the decline in property prices in late 1994 and 1995 has caused a sharp decrease in the profits of property companies, because the profits for that period have not yet been reported. However, if profits have decreased, the effect on the profits tax yield is likely to be reflected before the 1997-98 fiscal year. For example, companies which close their accounts on 31 March 1995 will have to file their tax returns by October 1995 with tax due for payment before 31 March 1996, i.e. within the 1995-96 fiscal year. Companies which close their accounts on 30 June 1995 will have to file their tax returns by May 1996 with tax due for payment by November 1996, i.e. within the 1996-97 fiscal year.
End/Wednesday, February 22, 1995
Plans to widen Castle Peak Road
Following is a question by the Hon Zachary Wong Wai-yin and a written reply by the Secretary for Transport, Mr Haider Barma, in the Legislative Council today (Wednesday):
Question:
In regard to the traffic congestion along Castle Peak Road during peak hours in the morning (particularly the section between Sam Shing and Siu Lam), will the Government inform this Council: