CO129-615-2 Income tax 10-3-1947 - 6-2-1948 — Page 29

Wt. 23364/665. 8/47. 50,000. S. & S. Ltd.

54307/47

2

draféš

C.

Mr. Palmer

22/11

1.17. Francis 27/01.

Reanall 28/4 Malave 29/11 a 201

Mr.

m.

Mr.

v.m

Mr. Wallage 27/1 on Mayle

DRAFT. DESPATCH

Permt. U.S. of S.

C. D.

Parly. U.S. Si

Secretary of State.

#

29 JAN

D. 6

Your Reference

6/2

r

Sir,

28

? FEB 1948 1948 -November, 1947.

GOVERNOR,

HONG KONG

(18)

NO

40

CONFIDENTIAL

I have etc., to refer to Sir Mark

Young's despatch No.123A Confidential

enclosing copies of the Inland Revenue

Ordinance No.20 of 1947, and to inform you

that the power of disallowance will not be

with appreciation / exercised in respect thereof. I note/the

I the Troption Committe

Larist

Lapirenie fannst

FURTHER ACTION.

Copy to Treasury, ref.

No.26.

Inland Revenue Ref. No. 3 30

Reaves late for letter 15th. five 30

steps which were taken to reduce the oppositio

of the Unofficial Members to the enactment

of the above legislation and am gratified to

The Unofficial Members of this learn that, in the end, four of these members Legislation Commail supported

supported the measure, and that it proved

possible to bring it into effect as from

1st April 1947.

2.

I note that opposition to the

Ordinance was lessened owing to the adoption

of a comparatively low rate of tax and high

rates of personal and children's allowances.

In spite of these concessions, I observe th

revenue from this source may reach $16 mil

in 1947/48, and that this factor is estimated

to result in the total revenue being suffici

to meet the total recurrent expenditure thi

financial year. You will, however, doub

bear in mind the desirabi

Revenue fr