XN000022-1972-12-29 — Page 16

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Friday, December 29, 1972

RATING PRACTICES TO BE IMPROVED

Rating Bill 1973 Published For Information

New legislation is being introduced to improve rating practices

in Hong Kong and to implement a number of proposals concerning rates made

by the Financial Secretary in his Budget speech last March.

The Rating Bill 1973, published in today's Gazette for general

information, seeks to repeal and replace the existing Rating Ordinance

which has basically remained unchanged for eighteen years.

The major objectives of the Bill are:

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to reduce the rate charge in the urban areas from

17 to 15 per cent as from April 1, 1973.

to allow a refund of only half the rates paid on

vacant premises, instead of a full refund as at

present, and

to provide for part of the urban rates to be paid to

the reconstituted Urban Council to enable it to

carry out its functions

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Commenting on the proposed new provisions, the Commissioner for

Rating and Valuation, Mr. R.A. Fry, said the proposal to lower the rates

charged in the urban areas was "to help cushion the higher rateable values

resulting from this year's revaluation."

TI

M

mainly Tsuen Wan and

In those parts of the New Territories

presently assessed to rates, the standard rate of 11 per cent

Khai Chung

would remain for the time being, he added.

/Referring