CO129-597-1 Estimates 1948 15-11-1946 - 12-6-1948 — Page 92

- 5.

A 10% Tax on Meals above a certain valuo and on Liquor consumed in restaurants was introduced during the year but the yield has been disappointing owing to the very

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considerable amount of evasion which is taking place. A figure of $3,000,000 has been inserted in the Estimates in respect of this tax but it is hoped that measures which are being taken to put a stop to the present ovasion may result in a larger yield. Tho estimate in respect of receipts from Stamp Duty has been increased from $3,000,000 to $4,000,000 owing to the introduction of a new tax of 10% on the increment on the value of property. Although the yield from this new tax and from stamp duties generally has been satisfactory so far it is unlikely that. so many properties will change hands during the coming year and the estimate has therefore boen framed on conservativo lines. A sum of $200,000 has been inserted in respect of a new tax of 10% on all food and drink consumed and on all Dance Tickets sold in Dance Halls. The Estate Duty estimate has been raised from $1,200,000 to $2,500,000.

The estimate

Licences, Fines and Forfeitures.

2 under this Head has been increased from $1,716,400 to $3,125,100. This is due to increases, actual or contemplated, in a numbor of licence fees in accordance with the recommendations of the Taxation Committee.

Fees of Court. The estimate under this Head has been increased from $6,140,500 to $7,428,450. The final position in rogard to the trading activities of the Supplies, Trade and Industry Department is not yet clear but it can be taken as certain that they have made a sufficient profit to cover their expenses. A sum of $654,000 has therefore been included in Revenue which slightly more than balances their expenditure. It is possible that transfers from Suspense to Revenue in excess of this sum may be made during the year.

Water Revenue. The estimate under this Head has been increased from $2,600,000 to $4,841,000 due to increased charges and higher consumption. Post Office. The estimate under this Head has boen increased from $3,098,000 to $3,635,000. The revised estimate for 1946/47 was just below $4,500,000 but this increase over the original estimate was largely due to the issue of a special set of stamps commemorating the ro-occupation of the Colony.

Kowloon-Canton Railway. The estimate under this Head has been increased from $3,402,900 to $5,355,300. The number of trains is steadily increasing as more locomotives become

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