53652/47
Dear Cerpell,
47
Colonial office,
Doming Street,
.1.
30th July, 1947.
Ans'd (12)
1
...e have now exmined the Hong Kong Estiumtas for 14.7/8, a copy of which I sent to you on 27th May, together with a copy of Mir Mark Young's covering despatah (c. 114 of the 9th May.
2.
Roveme
The estimated revenue is double that of 1936mls7. of 1941 64+7+ This is due mainly to the fact that there is a rull
year's provision inatend of mly 11 months as in 1946/7
revenue for tuis period was in my ovent under- estimated), and to certain increases in tuxation following on the recommendations of a Taxation Co mitter appointed by ir Mark Young in Peptember, 136. The largest increase is due to the introduction of InGORG Tax which is ostinated to produce 16 rdllions and without which the bulget would not have been bal moeİ. Binoc, however, the Latirates only include "recurrent expenditure", we propose to point out to the Governor that the present "balancing" of the budget is very precarious and recordingly the need for raising maditionel revenue is an obvious cao, and ve assure that Hong Kong vill koop under constant exariation all possible measures designed to nahieve this end, including the possibility of increasing the standard rate of taxation under the now rings and Profits tax.
ویش
/3. Expenditu e
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