1967-HKRS30-8-57_Part02 — Page 3

2

Explanatory Note.

(This Nore is not part of the regulations, but is intended

to indicate their general purport).

Section 6 of the Commonwealth Preference (Motor Vehicles) Ordinance 1967 imposes in respect of vehicles which, in the opinion of the Com- missioner of Police, are not Commonwealth products, a Commonwealth preference tax of fifteen per cent of the value of the vehicle. In calculating the value of a vehicle for this purpose, sections 7(1Xc) and (d) allow depreciation in respect of certain vehicles other than new vehicles, at much mie and in such manner as may be prescribed. These regulations prescribe the rate and manner of such depreciation.

(Secretariat FIN 1/5232/460)

MOTOR VEHICLES (FIRST REGISTRATION TAX) ORDINANCE. (Chapter 330).

MOTOR VEHICLES (FIRST REGISTRATION TAX) (DEPRECIATION) REGULATIONS 1967,

In exercise of the powers conferred by section 9 of the Motor Vehicles (First Registration Tax) Ordinance, the Governor in Council has made the following regulations—

1. These regulations may be cited as the Motor Vehicles (First Registration Tax) (Depreciation) Regulations 1967, and shall come into operation on the day appointed for the commencement of the Motor Vehicles (First Registration Tax) (Amendment) Ordinance 1967.

2. For the purposes of paragraphs (c) and (d) of subsection (1) of section 4 of the Ordinance, the rate of depreciation, where applicable, stall 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 annum,

or, for any period of less than one year or for any part 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 4 of the Ordinance, reduced by the amount of depreciation relating to each preceding fall year (if any) within that period; and the total of the amounts copfputed separately as aforesaid shall be the full amount of depreciation for the whole of that period.

Citation and condmencement,

Rates of depreciation.

Computation of amount of depreciation.

COUNCIL CHAMBER,

28th March 1967.

Clerk of Councils,