1967-HKRS30-8-57_Part02 — Page 2

COMMONWEALTH PREFERENCE (MOTOR VEHICLES) ORDINANCE 1967.

(No. 12 of 1967).

COMMONWEALTH PREFERENCE (MOTOR VEHICLES)

(DEPRECIATION) REGULATIONS 1967.

in exercise of the powers conferred by section 12 of the Commonwealth Preference (Motor Vehicles) Ordinance 1967, the Governor in Council has made the following regulations-

1. These regulations may be cited as the Commonwealth Preference (Motor Vehicles) (Depreciation) Regulations 1967 and shall come into operation on the day appointed for the commence- ment of the Commonwealth Preference (Motor Vehicles) Ordin- auce 1967.

2. For the purposes of paragraphs (c) and (d) of subsection (1) of section 7 of the Ordinance, the rate of depreciation, where applicable, shall be-

(a) in respect of petrol-driven motor vehicles, twenty-five

per cent per annum,

(6) in respect of all other motor vehicles, twenty per cent

per arinium,

or, for any period of less than one year or for any pam of a year. the rate of depreciation shall be one-twelfth of the appropriate annual rate hereinbefore specified.

3, The amount of depreciation for any period shall be com- puted, at the appropriate rate specified in regulation 2, separately in respect of each year or part of a year on the reducing value of the motor vehicle, which, in respect of any year or part of a year, shall be the full value of the vehicle, calculated in accordance with the relevant provisions of section 7 of the Ordinance, reduced by the amount of depreciation relating to each preceding full year (if any) within that period; and the total of the amounts computed separately as aforesaid shall be the amount of depreciation for the whole of that period.

Citation and Commencement.

Rates of depreciation.

Computation of amount of depreciation.

Council ChamBER,

28th March 1967.

Clerk of Coutñcils.