XN000022-1972-03-01 — Page 1

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HONG KONG GOVERNMENT

NFORMATION SERVICES

DAILY INFORMATION

BULLETIN

Wednesday, March 1, 1972

FINANCIAL SECRETARY PROPOSES REDUCTION IN RATES OF SALARIES TAX

To Ease Burden On Middle Income Wage Earners

Mr. Haddon-Cave Also Proposes Increased Car Parking Charges

The Financial Secretary, the Hon. C.P. Haddon-Cave, when presenting

his Budget to the Legislative Council this (Wednesday) afternoon, proposed four

tax concessions and an increase in car parking charges.

The proposed tax concessions are:

with

Reduction in the rates of salaries tax to ease the burden on people in the middle income group, effect from April 1;

Reduction in the maximum rate of estate duty from 20 per cent to 15 per cent, with effect from April 1;

Abolition of the duties on hydro-carbon oils, (such as kerosene and liquified petroleum gas), other than furnace oil, aircraft spirit, motor spirit and automotive diesel oil used by road vehicles, with effect from 6 p.m. today;

Abolition of the duty on methyl alcohol, with effect from 6 p.m. today.

The proposed increase in car parking charges at Government multi-storey

and open air car parks, to be effective from April 1, is as follows:

The cost of monthly tickets for Government multi- storey car parks to be raised from $120 to $200;

Parking charges for Government open air car parks to be raised from $1.50 to $2.50 per half day;

The full