XN000022-1973-01-21 — Page 2

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Sunday, January 21, 1973

It would seem that "Hong Kong remains a great attraction to the

overseas tourist" although competition from other tourist centres in

South East Asia was increasing, Mr. Rainbow pointed out.

He said that the substantial increase in yield from that source

is also "indicative of the improved living standards of the average

Hong Kong citizen who is increasingly more able to divert some part

of his income to recreation and enjoyment."

Another outstanding increase came from finance and investment

institutions with $92 million profits tax assessed, against $55.6 million

in 1970-71. The figure represented an increase of 65 per cent over the

previous year.

Banks showed an increase from $35 million to $49.6 million, or

up 42 per cent from 1970-71.

Referring to unincorporated businesses, Mr. Rainbow said that

they too produced a "substantial increase" as the net profits tax amounted

to $102.3 million in 1971-72, up 21 per cent over 1970-71.

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