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Betting Duty (Amendment) Bill
Following is the speech by the Secretary for the Treasury, Mr K C Kwong, at the resumption of the second reading debate on the Betting Duty (Amendment) Bill in the Legislative Council today (Wednesday):
Mr President,
I am grateful for Members' support for the resumption of the second reading debate of the Bill, which seeks to increase betting duty by half a percentage point. The rate for standard bets will be increased from 11.5 per cent to 12 per cent and that for exotic bets from 17.5 per cent to 18 per cent.
As Members may recall, on 24 April 1996, this Council passed the Betting Duty (Amendment) Bill 1995 introduced by the Secretary for Home Affairs. The legislation was gazetted and came into force on 3 May 1996. It provides for, among other things, the charging of betting duty on overseas bets at one half of the rates for local bets. It, however, refers to the duty rates of 11.5 per cent and 17.5 per cent, and the application of one half of the two rates, that is, 5.75 per cent and 8.75 per cent, to overseas bets. It is therefore necessary for us to move a Committee Stage Amendment to the Betting Duty (Amendment) Bill 1996 today so that one half of the new duty rates of 12 per cent and 18 per cent apply to overseas bets. I will move an amendment to this effect at Committee Stage.
Thank you, Mr President.
End
Dutiable Commodities (Amendment)(No 2) Bill
Following is the speech by the Secretary for the Treasury, Mr K C Kwong, at the resumption of the second reading debate on the Dutiable Commodities (Amendment)(No 2) Bill 1996 in the Legislative Council today (Wednesday):
Mr President,
I am grateful for Members' support for the resumption of the second reading debate on the Dutiable Commodities (Amendment)(No 2) Bill 1996. The Bill seeks to increase tobacco and fuel duty by 9 per cent to catch up with inflation, as proposed in the Budget.